July 29 morning: BTC analysis

After BTC bottomed out at 62,700, it saw a rebound, rising to a peak of 64,179. However, upward momentum then weakened, and the price gradually fell. The current trend is choppy, with clear overhead pressure. Support below is holding things up, so it is unlikely to see a one-way move in the short term.

Market back-and-forth trading is intense, with large swings. The current price is around the middle of 63,690. There are heavy resistances above at 63,800–64,000, while short-term support sits below at 63,500.

Short-term strategy: watch whether the price can rebound and break above 63,800. If it fails to break through, it may continue ranging or dip toward 63,500. If it breaks through and holds, only then will there be a chance to challenge the prior high of 64,179. Considering the past 24 hours of news about “wiping out more than $1.2 billion long positions,” market sentiment may be cautious, so chasing higher prices needs extra care.

Personal suggestion: short near 64,000–64,500, target 62,000–62,500.