$BTC July 23 Midday Analysis by the boss

Today’s session opened and surged to a high point of 663, after which the market entered a sustained downtrend. Although there was a small rebound and repair in the morning, it never had the strength to break and refresh the prior high. The rebound strength has been very weak; afterward, the pullback trend resumed. Currently, the lowest level has dropped to 655, and the current price is near 657, consolidating at a low level.

On the hourly chart, the Bollinger middle band and lower band are both opening downward; the short-term bearish structure has already taken shape. After a round of consecutive surges higher, bullish momentum continues to fade, and rebound highs keep moving lower.

The short-term trend is weak. Next, keep looking toward the target at 650, and then further extend to around 645.