BTC Market Analysis (July 13, 00:00–9:00): During the night session, the price initially consolidated within the 63,600–63,900 range. Early buying at lower levels gradually accumulated, and short-term contract buy positions gradually positioned themselves. The market saw falling volatility and low trading volume, indicating a shakeout ahead of a significant upside move. After a slight recovery in overseas liquidity overnight, buyers took advantage of liquidity gaps to launch a swift surge, pushing the price to a new intraday high of 64,411.8.

The upward move shows typical short squeeze characteristics with declining volume: the new peak level was offset by insufficient buy pressure, while profit-taking at higher levels and sell pressure from previously positioned short positions surged, producing a long upper wick on the candlestick, which confirmed the peak reversal signal.

After reaching the temporary high, sell pressure was released in a concentrated manner, triggering a sharp price drop. Trading volume increased significantly during the decline: leveraged long positions chasing the rally at higher levels triggered stop-loss orders and forced liquidations. The resulting forced selling intensified the severity of the drop, completing a nearly 900-point retracement in a short time, down to the low of 63,538. This is a common type of price spike and sell-off seen during night periods with low liquidity.

After reaching the key support level of 63,538, bargain hunters entered the market, and short sellers at the short term took profit, causing a slight rebound. The rebound range was limited to 63,700–64,000, failing to retest the prior high of 64,411.8. The weak rebound suggests that the sell pressure from those trapped at higher levels has not yet been absorbed, and the sharp sell-off has weakened short-term bullish confidence.
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