From 1:00 to 9:00 a.m., the market rebounded after receiving buy-side support based on the prior low of 64,636. It moved upward to touch the interim high of 65,193.5, and after it touched the upper channel band, it came under pressure. In the short term, long positions that had accumulated a lot of profitable holdings saw a large amount of capital choose to take profit and exit, weakening upward momentum; the market then shifted into a pullback and sideways range-bound consolidation state.

Judging from the channel structure in the chart, after the price surged, it first pulled back toward the middle band to seek support. This rebound has not brought in enough incremental capital to push prices higher. The longs lack follow-through momentum, while bearish strength is gradually released. In the near term, the focus of the battle between bulls and bears shifts lower; if the middle band support is broken, the market will further probe the downside. Only if the price holds above 65,500 can the bulls restart an upward move. $BTC $ETH