Bitcoin is now in a “rally, then take a breather” phase. It previously shot up in one go from 57,700 to around 64,600. Short-term momentum has run out, and it has entered a pullback-and-consolidation range.

On the 1-hour timeframe, over the past two days price has been pulling back and moving sideways within the 63,600 to 64,500 range. The current quote is around 63,800. The indicators are diverging downward, and the short-term outlook is relatively weak. First, watch the 63,600 support area—if it can’t hold, price will most likely probe lower again.

On the 4-hour timeframe, the broader trend is still upward, but the indicators have also turned down. This suggests the current correction is not a small timeframe quick drop; it likely needs to trade sideways for a while to digest the gains from the prior surge. The resistance at 64,600–64,700 is solid—two attempts to push higher didn’t break through—so it’s unlikely to directly make a new high immediately in the short term.

In terms of trading strategy: wait for a retracement to the 63,000–63,200 zone and enter long positions in batches. Place a stop loss below 62,500. The first target is the prior high near 64,600; if price breaks through, continue holding and look for 65,500–66,000.