$BTC July 24 Major Analysis

Looking back at yesterday’s trading action: at the open it surged to a high of 663, then the market dipped slightly to 656. After a brief recovery rebound to 662, the rally lacked momentum; price continued to chop around the 655 level.

In the afternoon, I clearly reminded that once 655 support is lost, downside room will open. The走势 came through as expected, and in the evening it smoothly reached the target around 650. Throughout the day, the rebound’s peak kept moving lower, and the bulls’ offensive strength remained weak.

Today’s opening followed yesterday’s downward pattern. The low swept down to 646, then it rebounded slightly to trade in the 651 range. In the short term, bullish momentum has a mild recovery, but it is only a rebound correction during a downswing; the higher-level trend is still dominated by the bears.

From a technical pattern perspective, on the hourly chart the Bollinger Bands’ upper and middle bands move downward in parallel, while the lower band gradually levels off. In the short term, focus on the 645 support area: once that support is effectively broken through, the downtrend will continue.

Resistance levels: 660-675
Support levels: 645-635