7.17 Morning Outlook

Overnight, BTC directly pushed through the 64,000 key support level. Then it kept weakening and moved downward steadily; the low probed to around 63,500. Currently, price is consolidating weakly within the 63,800-64,000 range. Bearish sentiment has spread fully across the market, and the downtrend has already been completely confirmed.

As I clearly pointed out yesterday, once the 64,300-64,500 support zone is lost, the next round of downside momentum will be fully unleashed. Last night’s price action perfectly validated the earlier call.

From the 4-hour technical indicators, the MACD has already formed a death cross and continues running downward. The RSI is also dropping in tandem, and bearish momentum is still being continuously released. At this stage, there are no visible signs on the chart that suggest stabilization or a turn to recovery; the short-term outlook is to follow the bearish trend, with selling as the main focus.

BTC rebounds and breaks down around 64,400-64,900, with targets looking at around 62,900-62,400
ETH rebounds and breaks down around 1,880-1,920, with targets looking at around 1,820-1,780
$BTC $ETH