$BTC July 22 Midday Market Analysis by the Boss

After yesterday’s rally pushed up to the 669 zone, it’s clearly visible that the upside room has gradually tightened. Price has been continuously suppressed by the upper band of the hourly Bollinger Band.
Today at the open, the bulls lacked strength to break the previous high, and the market started a pullback adjustment. During the session, the low dipped to 659. In the morning, the rebound tested 667 but still faced pressure and fell again; the current price is ranging around 663.

From the hourly Bollinger Bands, the bands overall are gradually leveling off and closing up. In the short term, it’s difficult to see a sustained one-way trend; the market is entering a high-level consolidation phase to digest the move.

Resistance levels: 670-685. 670 is the primary checkpoint; only if volume increases and price holds above it can the upward space be opened again.
Support levels: 655 is the short-term defense line, and 640 is the mid-term core support.