On Wednesday, 7.22, the morning outlook for BTC: first stay flat-to-short within the day, then go long.

Recently, BTC has been grinding higher too slowly. Last night, it topped out around 670, and the short-term move has broken above the upper edge of the prior ranging range. A concentrated short liquidation cascade drove a rebound, but the follow-through from spot buy-side demand is relatively weak, so BTC’s continued momentum remains questionable.

On the daily chart, the moving averages are in a bullish alignment, and the MACD red histogram continues. However, the upward volume is gradually fading. This is more like a squeeze-driven rebound rather than a one-way rise. On the 4-hour chart, after the push higher, the early signs of a bearish divergence have begun to appear. In the short term, price could retrace back at any time to wash the market—do not blindly chase higher.

For the morning, the short-term resistance to reference is 670. If this level is not broken, you can first look to short around this area. For short-term support, watch the 655–650 zone. If it reaches there but does not continue, flip and go long immediately.