$BTC The early-morning market structure shows a typical “liquidity-hunting trap.” After the spread touched 65,300, the rapid rebound toward the 65,780 area abruptly halted there. The upside room is extremely limited, highlighting a serious lack of bullish momentum. The price then switched to a step-by-step decline. This is not a benign pullback; it is a bearish continuation pattern. Each minor rebound turns into new selling pressure, indicating that short-term control has been completely handed over to the bears.

The rebound high of 65,780 is precisely capped by the short-term downward trendline. In addition, the MA5/MA10 moving averages have already formed a bearish arrangement and are diverging downward, continuously suppressing the price. The current spread has broken below the 65,300 area, which was previously regarded as a psychological level. That level will turn from support into strong resistance for subsequent rebounds. If, during the day, the market cannot quickly reclaim and hold above 65,500, then further downside space will be opened.

In terms of trading, maintain a trend-following high-short mindset. 65,780 can serve as the short-term pivot line for shorts. Any signals of weak stabilization on rebounds into the 65,300–65,500 range can be treated as opportunities to sell. On the downside, first focus on whether the 65,000 integer level holds or breaks. Once this psychological line of defense fails, be alert to the risk of an accelerated pullback. The subsequent targets may point to the 64,500 level and even the 64,000 area. Until the trend clearly reverses, it is not advisable to blindly bottom-pick.