Evening Bitcoin Market Outlook

The hourly chart for Bitcoin still shows a overall downward trend. Previously, the price first dipped to 65,665 and then rebounded, reaching a high of 69,209. However, the rebound failed to continue, mainly because 69,209 is a key previous high point. It was only after breaking this level that the price surged to 71,989. Since the breakout was not effectively sustained, this level now acts as a strong resistance.

Therefore, this rebound was halted at 69,209 and then declined again. After testing the 65,665 support level multiple times and stabilizing, the price rebounded. Currently, the rebound has attempted to break through 67,319 three times but failed each time, forming a clear triple-top pattern. The subsequent trend is likely to continue downward.

The 65,665 support has been tested multiple times, and the rebound highs are gradually decreasing. After repeated tests, the support strength has significantly weakened. The probability of further decline is higher than that of a breakout upward. If the 65,665 level is broken, the next support at 64,930 is also unlikely to hold, and the downward target is probably around 63,832.

Until the 69,209 level is broken, all upward movements should be considered rebounds. Only if the price stabilizes above this level can the bulls regain strength. Conversely, as long as the price cannot effectively break above 67,319, the downtrend will continue.

Trading Suggestions:
• A volume breakout above 67,096 could be a signal to go long and chase the rebound.
• A volume breakdown below 66,630 with a failed rebound indicates a short position.
Strictly adhere to stop-loss risk management.
• Hourly level: If the price stabilizes above 67,096, look for resistance at 67,883-68,623; if it cannot hold, the rebound is invalid.
• 4-hour level: If the price breaks below 66,471, look toward 65,665-64,921.