$BTC Early-morning price action shows a typical “bull-trap” structure. After the price quickly bounced off the 65,300 level, the rebound at around 65,780 abruptly stalled. The upside room is extremely limited, highlighting that bullish momentum is severely lacking. The price then shifted into a stepwise decline. This is not a benign pullback, but a “downtrend continuation” pattern: each small upward retracement turns into fresh sell pressure, indicating that short-term control has fully passed to the bears.

The rebound high at 65,780 was precisely capped by the short-term downtrend line. In addition, the MA5/MA10 moving averages have turned bearish, arranged in a downsloping spread, exerting continuous pressure on the price. Current price has fallen below the 65,300 line that was previously treated as a psychological threshold. That level will turn from support into strong resistance for subsequent rebounds. If, during the day, the price cannot quickly reclaim it and hold above 65,500, then further downside space will be opened.

In terms of execution, maintain a trend-following high-short approach. 65,780 can serve as the short-term line in the sand for bears; any signs of failure to stabilize on rebounds into the 65,300–65,500 range can be regarded as opportunities to short. The first area to watch below is the 65,000 integer level—once that psychological defense is broken, be alert to the risk of an accelerated drop. Subsequent targets may point to the 64,500 and even 64,000 areas. Until the trend is clearly reversed, it is not advisable to blindly bottom-pick.