7.17 Midday Bitcoin Market Analysis

The price kept falling in a steady downtrend from around 64,000 this morning to 63,358, and is currently temporarily stabilizing around the 63,500 level. Although the momentum is not strong, it at least indicates that the sell pressure is slowing down. The 63,000 level has once again become a short-term support point. If it can continue to stabilize with the help of support and see a pullback accompanied by increased volume, there is still a chance that the short-term recovery can return above 64,000. If the current rebound strength is maintained, then a breakdown below 63,000 is only a matter of time—and once that happens, the price will continue to dip in search of a new support level. By then, the key BTC range of 65,500-67,000 that we mentioned earlier will be difficult to make an effective breakout in the short term. Don’t get caught up in a new thinking loop—continue to focus on short-term trades: watch for stabilization near support and take a roughly 300-500 point range. #盘前合约上线长鑫存储