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7.16 midday analysis
BTC breaks support then rebounds within the day, and remains in a consolidation-to-recovery state
News: US inflation data came in hotter than expected, pulling rate-hike expectations sharply lower. ETF fund inflows drove BTC to break through 65,000 intraday, reaching a three-week new high. Geopolitical disruptions in the Middle East and the tailwind from ETF outflows—despite the “glitch” line—will create downward pressure on upside momentum.
Technical: On the daily chart, the three lines turn upward in sync; the uptrend structure is gradually taking shape. RSI is hovering around 60. The price remains in a stage where it’s prone to resistance/breakout behavior. On the 4-hour chart, as long as it holds the moving-average support, the short-term breakout stance is strong, and there is a need for intraday pullback and repair.
In terms of execution: don’t chase the breakout. Wait for a pullback to support, then enter when the setup is favorable.
Midday recommendations:
BTC: around 64,100–63,600 to go long,
Target: around 65,400–65,900,
ETH: around 1,900–1,880 to go long
Target: around 1,960–1,980
BTC consolidates within the day, then breaks down and stabilizes again
News: US inflation data came in above expectations, pulling back rate-hike expectations sharply. ETF funds returned, driving BTC to break to around 65,000, setting a new three-week high. Geopolitical disruptions in the Middle East, along with the line of ETF outflows, will create pressure on upside.
Technical: On the daily chart, all three lines turn together and the short-term rebound trend is gradually taking shape. RSI hovers around 60. The price action is still in the rebound/neckline easy-to-break stage. On the 4-hour chart, holding above the moving-average support keeps the short-term rebound stance strong, and within the day there is a need for a pullback and correction.
In terms of trading, don’t chase the spike; wait for a pullback to support before entering at the right time.
Mid-day recommendations:
BTC: around 64,100–63,600 to buy
Targets: around 65,400–65,900
ETH: around 1,900–1,880 to buy
Targets: around 1,960–1,980