Bitcoin in the early stage repeatedly consolidated at the high end near the 64,692 peak, building a top with choppy price action; the longs lacked strength to push higher. Then capital concentrated and exited, triggering continuous, high-volume, cliff-like selloffs. The hourly chart was dominated by consecutive large bearish candles, leading the downtrend.

After the price rapidly dropped and touched the 61,824 low, it saw a brief pause and rebound. This is an oversold bounce within the selloff process, not a trend reversal—the overall downward macro structure remains unchanged.

Short-term support: Around 61,800 is the short-term downtrend’s low point, as well as the short-term strength/weakness dividing line.

First resistance: Around 62,090 near the 5-day moving average—an area where rebounds may be capped nearby.

Medium-term heavy resistance zone: 62,310-62,630. This is where the 10-day and 20-day moving averages converge and exert suppression; this is the key area to focus on for shorting on rebounds.

For the short term: If the rebound stalls in the 62,090-62,310 resistance range, follow through in the same direction.

If the 61,800 support is broken again, further downside room will open up; price will then test the support around 60,000. If that breaks, it will continue to probe the 58,000 area! #BTC