Bitcoin is now in a state of having surged through a wave and is taking a breather. Previously, it was pulled up in one move from 57,700 to around 64,600. Short-term momentum has run out, and it has entered a pullback with choppy consolidation.

On the 1-hour timeframe, over the past two days it has been back and forth in the 63,600 to 64,500 range. The current quote is around 63,800. The indicators are spreading downward, suggesting a weak short-term bias. First, watch the 63,600 support level; if it can’t hold, it will most likely probe lower again.

On the 4-hour timeframe, the broader trend is still upward, but the indicators have also turned down, indicating this correction isn’t just a small-timeframe quick drop. It likely needs to trade sideways and grind to digest the prior rally. The resistance at 64,600–64,700 is solid; both attempts to push higher failed to break through, so it’s difficult for the price to directly reach new highs in the short term.

In terms of trading, wait for a pullback in the 63,000–63,200 area and scale into long positions in batches. Set a stop-loss below 62,500. The first target is the prior high at 64,600; if it breaks through, continue holding with a view toward 65,500–66,000.