7.16 afternoon thoughts

After BTC surged up to the 65589 mark earlier, it came under pressure and pulled back. The overall intraday trend has been choppy and drifting downward. The lowest point dipped to 63843, and it is currently trading around 64100. After this round of surging, the subsequent push is clearly not strong enough. Short-term capital has concentrated in taking profits and exiting, and the overall market has shifted from the earlier strong uptrend phase into a pullback and consolidation from the elevated level.

From the 4-hour chart perspective, the rebound-then-fall move is clear. The earlier peak at 65590 has already formed a strong resistance zone. The 1-hour and 15-minute small timeframes both turn downward in sync, and the short-term upside push has completely run out of momentum.

BTC rebound/short-covering around 64700-65200, with targets looking toward 63300-62800.
ETH rebound/short-covering around 1910-1950, with targets looking toward 1850-1810.
$BTC $ETH