$BTC July 7 daily summary of Bitcoin and Ethereum price action

Today’s “rally up then pull back to probe lows, followed by a rebound” structure played out for BTC. It started with a pullback from around 65,500 in the early morning, and then stabilized near 64,400. After that, it fell further in the afternoon to test support, with the low reaching 63,833. Finally, after the US stock market opened in the evening, the price rebounded to around 64,700. The overall swing low is moving lower, suggesting there is an intention to test how strong the buy support below can be.

Trading volume throughout the day was generally sluggish, forming a typical weak corrective structure characterized by pullbacks with shrinking volume and no clear signs of “stabilization and volume expansion.” For ETH this time, the pullback broke below the 1,900 support level, and it is still holding below 1,900 now, without a strong rebound impulse.

On the 1-hour timeframe for BTC, the price has been repeatedly tugging around the Bollinger middle band, with some overhead selling pressure remaining. The MACD fast and slow lines have quickly converged from a dead-cross state to near the zero axis, showing BTC momentum has clearly waned. The KDJ is also rising rapidly, leaving room for further short-term repair. The current position is in a key resistance zone of 64,700–65,000. If a breakout occurs with volume and the price can hold, the rebound could continue up to the prior high of 65,589. However, given the current pattern, rebound strength is not strong, so it is advised to focus on short-term opportunities, including for any dips. For ETH, it needs to effectively break above the 1,900 level again; otherwise, that area will likely become a strong overhead pressure zone. $ETH #ETH站稳1900美元