7.16 BTC intraday analysis

After the 15-minute timeframe surged to a high of 65,600, bullish momentum continued to wane; the price consolidated and then pulled back from the high. In the short term, moving averages have turned down and kept weighing on the market. The correction following this round of upside push is still ongoing. The strength of rebounds continues to weaken: each rebound/relief bounce fails to form sustained upside follow-through, and K-lines repeatedly show patterns of rally then pullback. During the rebound phase, trading volume keeps shrinking, and there is insufficient incremental buy-side demand. In the earlier high zone, profit-taking by longs is continuously exiting, while the overhead resistance area has accumulated short-term selling pressure. If, going forward, the rebound cannot increase volume and hold above the 65,000 resistance level, the sideways-to-downward rhythm will likely continue. Trading-wise, the preferred approach is to plan short positions in line with the trend, prioritizing setups around the resistance areas. Below, pay close attention to the key support at 63,200; once that level is effectively broken, the downside correction room will expand further.
Analysis: short near 64,700–65,000; first target 63,600, second target 63,200; stop-loss 65,350