$BTC In the early-morning market snapshot, a typical “liquidity-hunting trap” structure emerged. After the price quickly rebounded once the quote touched after 65,300, the rebound stalled abruptly around the 65,780 area. The upside space is extremely limited, highlighting that bullish momentum is severely insufficient. The price then shifted into a step-like downward move. This is not a benign pullback; it is a downtrend continuation pattern. Each time there is a modest upward bounce, it turns into fresh sell pressure, indicating that near-term control has been fully handed over to the bears.

The rebound high at 65,780 met precise resistance at the short-term descending trendline, and the MA5/MA10 moving averages have already formed a bearish alignment and diverged downward, continuing to suppress the price. The current quote has broken below the 65,300 level, which had been viewed as a psychological threshold. That level will turn from support into a strong resistance for subsequent rebounds. If, within the day, the price cannot quickly recover and hold above 65,500, the downside room will be further opened.

In terms of execution, maintain a trend-following approach of taking shorts on rallies. 65,780 can serve as the short-term pivot for bearish positioning. Any signs of weakness and failed stabilization when the price rebounds into the 65,300–65,500 zone can be viewed as opportunities to short. Below, the first key area to watch is the 65,000 integer level. Once this psychological line is lost, be alert to the risk of an accelerated pullback. The next targets may point to the 64,500 and even the 64,000 area. Until the trend is clearly reversed, it is not advisable to blindly bottom-fish.