BTC is currently in a state of having risen for a wave and then taking a break. Previously, it was pulled up in one go from 57,700 to around 64,600. The short-term momentum has run out, and it has entered a pullback range with consolidation and volatility.

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

On the 4-hour timeframe, the larger trend is still upward, but the indicators have also turned and fallen, suggesting this correction is not a small-scale quick drop. It needs to stay sideways and grind to digest the previous rally. The overhead resistance at 64,600-64,700 is solid—both attempts to push higher failed to break through—so it is difficult to directly make new highs in the short term.

In terms of trading: wait for a retest of the 63,000-63,200 zone to add longs in batches. Place the stop-loss below 62,500. The first target is the prior high around 64,600; if it breaks through, continue holding and look for 65,500-66,000.