BTC 7.29 01:00-09:00 Market Recap & Analysis

In the early hours, the market maintained low-level consolidation and sideways movement. Price tested the 63,504 low support; the selling pressure at low levels gradually weakened. Short-term buy orders began to enter in batches to absorb the selling, stopping the pace of continuous downside.

With sustained capital pushing the price, it launched a stepwise rebound. Consolidation moved upward, repeatedly breaking through short-term resistance, and it surged all the way to hit the 64,200 intraday high. After reaching that high, sell pressure above concentrated and surged. Incremental long capital couldn’t keep up, and upward momentum quickly faded, forming a clear pattern of a sharp run-up followed by a pullback.

After the decline from the peak, the market structure changed. Rebound continuity dropped significantly: in each round, the highs of modest rebounds kept moving lower, and the bears gradually took short-term initiative. Price kept giving back most of its intraday gains, with the overall focus steadily trending downward.

At current levels, the long profit-taking at the high has completed one release cycle. In the short term, the market is entering a pressure-and-correction phase. Any rebound is merely a technical repair, lacking sustained buy-side support. Unless new incremental capital enters, the market is likely to remain in a weak, choppy consolidation. #USD1持币生息最高8% $BTC $ETH