7.23 Morning Bitcoin and Ethereum Market Analysis

Although the late-night price comparison yesterday received support around 65,500, the subsequent rebound was limited and did not break upward above 66,500; even into the early morning, it continued to range and consolidate within this band. By contrast, for ETH, the “doth” again increased volume and took the initiative to attack the 1,950 area pressure level, but the momentum was insufficient and it still couldn’t effectively break through. Amid the noise, it’s easy to lose your judgment—just because everyone is rushing toward the lively scene doesn’t mean it’s smooth sailing. Only by settling down, observing alone, can you spot the turning point that others overlook.

From the BTC 4-hour timeframe, the price has returned to the 65,500–65,800 zone, which is the support level confirmed twice yesterday and the day before. But what’s different from the prior two times is that this touch is made with a bearish candlestick body, indicating that the support strength is being repeatedly consumed. However, in terms of volume, the chart shows a decline on reduced volume, suggesting that this pullback is still not characterized by active selling; rather, it’s the “doth” continuing to give back after a series of continuous gains. In nature, it remains healthy profit digestion, and no signal of a trend reversal has appeared yet. The current technical pullback pressure has already been released by more than half; however, the retest and confirmation are still ongoing. If the core support zone breaks through the current barrier on increased volume, it can still push toward another attempt at the 67,000 level. Although ETH is currently also consolidating and ranging at a high level, at least there are signs intraday of breaking the prior high; for now, we should still look for a pullback and repair.
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