7.16 Thursday, the latest outlook for BTC: don’t chase at the high; first look for a pullback.

In recent days, the continuous slow grind higher is undoubtedly a psychological torment for the bears—either they’re eliminated by the market or trapped deep in losses. The good news is that this rebound has stalled around 656, and the corrective actions after the drop have effectively come to an end here.

On the 4-hour chart, after bottoming at 618 in the early stage, BTC rebounded upward in a V-shape. After touching the previous high around the 656 area, it met resistance and slipped back. An unspoken double-top pattern has formed overhead. Although price is still in a high zone, there are no signs of further upside, and the double-top continues to suppress it. At this point, you should not rashly chase longs—at highs, it still needs to be short.

Refer to 648 and 654 for short entries, with downside targets at the 630–618 area.