7.20 Morning Bitcoin and Ethereum Market Analysis

During the weekend, Bitcoin initially probed the 65,000 resistance level in the early morning. After failing to break through, it started to come under pressure and pull back, but during the day it did not drop below the 64,000 support level either. This morning, Bitcoin saw a modest increase in volume and once again launched a counterattack. Although it broke through 65,000 to 65,084, at that level it was quickly pushed back to around 64,500. As for Ethereum, the bullish push also headed straight toward the 1,900 level, but currently around 1,890 it has met resistance multiple times and formed long upper wicks. Candlesticks record not price, but the repeated cycles of human nature. The frenzy of chasing gains yesterday, the despair of cutting losses today—round and round, with never a new story.

From the current Bitcoin 4-hour timeframe, the market spiked and then rolled over after meeting resistance in the short term, indicating that sell pressure above 65,000 is still effective. Bitcoin attempted to break above the previous high but failed. Meanwhile, earlier Bitcoin’s pullback did not break below the key support at 62,000; it then consolidated and rebounded to around 64,000 to rest. It is now pushing up again into the 65,000 area, but it is closing with a long upper wick. In the short term, bullish momentum is still being released, though the strength is slightly lacking. If volume fails to cooperate going forward, it will be difficult for the market to break through and hold within the previous high-pressure zone of 65,000–65,600. It is suggested to watch for a pullback to the 64,000–64,300 area, and when a bounce/bottoming signal appears, consider it a second entry opportunity. The targets are 65,000–65,500. If Bitcoin can break above 65,000 with increased volume and hold, then look to the 66,000–66,500 range. For Ethereum, first focus on support in the 1,840–1,850 area; if that level is broken, then watch the 1,900 level. $BTC #GateDEX全面接入RobinhoodChain