7.23 Market Overview & Trend Analysis

BTC “Silk Road” reference layout
Entry range: around 66,300—66,800
Zijin: above 67,300
First target: 65,000; second target: 64,000

The market has started to show changes. After the earlier rebound to around 670, this level has been emphasized as the pressure zone repeatedly contested in the previous phase.
After the price tested that area, it didn’t manage a strong breakout; instead, it started to pull back.
It’s not a big deal that it can’t push up. The key is whether Zijin can continue to take over and extend the move after pushing higher.
Now the 1-hour trend has weakened, and the pace of short-term rebounds has begun to slow down. The 4-hour chart has also entered a phase of digesting the pressure.
For the bigger picture, first look at resistance. Don’t rush to guess the bottom. Repeated failed tests at high levels indicate that the sell pressure above is still there.
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