$BTC

7.14 Bitcoin morning analysis
After a sustained drop, Bitcoin has seen a short-term technical correction and rebound, and is currently trading in a choppy consolidation range of 61,800—62,600.

This rebound is only a pullback repair during the downtrend, and does not have the conditions for a trend reversal. There is heavy resistance overhead, leaving extremely limited room for the rebound.

After the upside momentum of the bulls fades, the outlook still remains primarily bearish. During the daytime, it is likely to stay range-bound, as the market waits for the evening CPI data to break the deadlock.

61,800 is a key support level; a confirmed breakdown will open up a new round of downside room.

Trade: short in the 63,000—63,500 range, target 62,500—61,500