Bitcoin's daily line has entered a high-level fluctuation for the second day, and the market has not seen the deep correction expected; instead, it has chosen to **“consume profit through sideways movement”**. This trend indicates that the bulls are unwilling to easily give up their advantage, and the overall structure remains relatively strong.

The key to supporting this round of the market is still the repair logic after the weekly and monthly bottom resonance. In particular, the monthly line entity continues to rise, allowing every pullback to receive capital support, with obvious limitations on the downward space.

However, caution should also be maintained on the other hand.

The daily line has entered a relatively high position, and the difficulty of continuing to break upward is increasing. If there is no new capital continuously flowing in, relying solely on shrinking volume to push prices up could easily form a false bullish trend. A truly healthy rise requires a combination of trading volume, rather than relying on short covering to push prices higher.

On the fundamental side, the market still lacks obvious signs of improvement.

U.S. demand remains weak, Coinbase's Bitcoin premium has maintained a negative value for 50 consecutive days, setting a historical record, indicating that the U.S. spot market's buying interest is still weak, and institutional funds have not returned on a large scale.

Meanwhile, geopolitical risks have not dissipated. Yesterday, the U.S. launched military strikes against Iran again, and global risk-averse sentiment still carries significant uncertainty, with short-term news potentially becoming an important variable affecting market fluctuations.

₿ Bitcoin (BTC)

View: High-level fluctuation, rebound is bearish, focus on short positions.

The main driving force behind this rise still comes from short covering, rather than continuous inflow of new funds. Therefore, although the price continues to rise, the foundation for the increase is not solid.

65500-66500 USD remains an important resistance area that determines the mid-term trend.

Without effective breakthroughs and a stable increase in volume, the overall bearish structure cannot be confirmed as having ended, and it is currently more appropriate to view the market as a rebound repair, rather than a trend reversal.

From a technical structure perspective:

• The 2-hour level still maintains upward support;

• The 4-hour level also maintains the structure of raising low points;

However, it is important to note that it is currently in a shrinking volume and weakening momentum state, with the pace of the bulls clearly slowing down and bearish strength gradually accumulating.

If there is a continued uptick in the short term, it is advisable to monitor whether the trading volume increases simultaneously; if the increase is insufficient, it is necessary to guard against a pullback to support after a high-level fluctuation.

Overall, before the key resistance level is broken, it is still recommended to remain cautious in operations, focusing on shorting at high levels while waiting for a clearer directional confirmation.

Support levels to watch: 63000-63350, 62100-62500

Resistance levels to watch: 64200-64700, 65038

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This article is originally published by 【Huiying Community】 and represents personal views only. Due to the delay in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate with caution.
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