7.29 BTC early-morning market watch

The early-morning market has been running under sustained pressure, and the current price is consolidating at the low end around 63,200. The market has priced in tighter rate expectations in advance, risk appetite has fallen sharply, institutional funds have reduced positions early to de-risk, high-level supply has been concentrated and sold off, and short-term sell pressure continues to be released. Liquidity in the early hours is relatively weak, with frequent wick/spike fluctuations. Overall, the market maintains a weak consolidation, waiting for a one-way move as the rate decision from the upcoming meeting lands.

In the short term, the suppressing range is 64,100–64,500, and the prior high at 65,600 has turned into strong resistance. On the downside, the core supports are 62,800 and 62,400. After consecutive declines, indicators have entered an oversold zone, and there is some staged buying/absorption power at the low end.

Early-morning reference ranges:
1. For a rebound 64,100–64,500, defend above 64,800; targets are 62,800 and 62,400;
2. For a pullback 62,400–62,800, defend below 62,100; targets are around 64,000.
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