7.16 Jack Afternoon BTC Chart Analysis

Price started at 64,512 and launched a rapid rally, then after rising to 64,974.5, the upward pace slowed down. Currently, the price is hovering and ranging around 64,900, very close to the prior high. There is considerable sell pressure clustered in the order book in the 64,900–64,975 range. The moving averages are still trending upward, and the short-term bulls’ momentum remains, but after the spike, the strength of the up move has clearly weakened. Next, the key to watch is whether it can break the previous high. If it keeps failing to break through that prior high, the short term will most likely begin a pullback and adjustment.