7.24 Jack afternoon BTC market analysis

The recent early peak formed around 65,440. After the price spiked higher, it failed to hold the bulls’ advance. A large bearish candle immediately dropped below the moving average support. Several moving averages turned downward in sync, and the overall market has fully shifted into a downtrend channel.
The price kept grinding lower in a range-bound decline, reaching a low at 65,213. After a brief touch of bottom, it rebounded slightly for a corrective move, but the rebound strength was weak. Every time price tried to move up, it was suppressed by the moving averages. The highs continued to step down, and throughout the entire move, it never managed to reclaim the key prior resistance line.#
Current price is hovering around 65,264, still trading in a narrow range below the moving averages. This modest uptick is just short-term consolidation during the broader selloff, with no reversal signals for the bigger down move. Going forward, the main focus is the support at the 65,213 low; if that support breaks, additional downside space will open up further. If the market is to turn around from weakness, price must trade with volume and reclaim the moving-average resistance zone above.
Overall, BTC’s consolidation range leans toward a downward trend. In the future, it is highly likely to still go up one more wave, and then form a pullback as it keeps probing lower.#大饼 #比特