7.21 BTC early-morning analysis:

BTC is gradually entering long positions in batches around 65,700–66,000. The first target is 64,500, and the second target is 63,500.

Last night, BTC surged and then quickly fell back. The upward momentum for the bulls has basically been exhausted. The market has accordingly shifted into a narrow-range consolidation pattern, and in the morning the price has been trading back and forth around the 65,500 level. At this stage, this rebound is only a technical correction after a decline; the overall medium-term bearish structure has not changed.

The current market volatility range continues to narrow. The price rebound has reached a key resistance area, and the game between bulls and bears is becoming increasingly intense. The market has shifted from a one-way trend to a range-bound tug-of-war. For now, you can only wait for the next breakout to decide the direction. In terms of macro conditions, the US Federal Reserve is in its policy meeting blackout period; expectations for high interest rates continue to build up. ETF inflow volumes remain sluggish and are not enough to support a sustained uptrend. Combined with the fact that today lacks major news catalysts, market volatility is basically driven by technical factors.

From a technical perspective, this entire round of rebound has lacked supporting volume from large capital. Dense trapped positions on top, along with moving-average pressure, have created a dual resistance. Upside potential was already limited. Even if there is a slight stabilization and upward lift on the four-hour timeframe, the overall bearish structure remains solid; the pressure levels are still gradually moving higher. Once the price touches the resistance zone, it will face heavy sell pressure, and short-term indicator overbought signals are becoming prominent, increasing the probability that the bears will counterattack on pullbacks.
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