7.18 BTC order book early-morning observation

This morning’s overall market maintains a choppy, slightly bearish pattern. Price repeatedly moves up and down, oscillating within a tight range; there is insufficient upward momentum in the short term. Each time there is a modest rebound, selling pressure appears. Across indicators on the shorter cycle, overall pressure is trending downward. During the pullback phase, trading activity is more active, but the follow-through strength of incoming capital during rebounds is relatively weak.

Key reference ranges: The 63,800-64,300 area overhead is the short-term suppression zone, while 65,600 is a strong near-term resistance. On the downside, the core support is 61,700. At this level, buy-side capital has sufficient backing; once it holds, a corrective/repair行情 is likely to follow. If there is an effective breakdown below this point, the downside space will expand further.

The long-to-medium term upside structure has not been completely destroyed. This pullback is merely digesting the overheated conditions formed after the earlier consecutive rally. During the decline, there has not been a mass exit of holdings, so there is no need to overly worry or panic.

Market reference approach:
1. If price rebounds back to the 63,800-64,300 range, you may look for pullback opportunities. Set risk control above 64,800. On the downside, watch 62,500 and 61,700;
2. If price pulls back to the 61,700-62,500 range, you can consider a small amount to play the rebound game. Set risk control below 61,000. For the rebound targets, look toward 63,200-64,000.

Friendly reminder: This is only an objective discussion of the market’s price action. Given the large amplitude of market fluctuations, look at the trend rationally, manage risks independently, and do not concentrate large amounts of funds to play the game.