The current cryptocurrency market is still in the weekly and monthly level rebound repair stage, with an overall trend showing significant improvement compared to before. However, during the continuous upward movement, the pullbacks have always been insufficient, and the bulls are starting to show signs of exhaustion after the sustained rise.

The current market feels more like **“fatigue rally”** rather than a strong breakout.

From the perspective of capital performance, traders are generally cautious, and there is no obvious willingness to chase prices higher. In the derivatives market, the demand for put options has warmed up, indicating that some capital has begun to hedge risks in anticipation of potential pullbacks. Meanwhile, although yesterday's rebound continued the upward momentum, the high-level follow-up funds were clearly insufficient. As BTC approaches 66000 USD, market sentiment has obviously turned more cautious.

Therefore, even if there is further upside potential in the future, it is more likely to first experience a period of high-level oscillation, repeated shaking out, and chip swapping, rather than directly entering a unidirectional rally.

₿ Bitcoin (BTC)

View: focus on high shorts, with low longs as a supplement, high-selling and low-buying.

Currently, multiple cycles below the daily line have all reached high levels:

• 2 hours

• 4 hours

• 6 hours

• 8 hours

• 12 hours

If these cycles simultaneously enter an adjustment phase, forming bearish resonance, the short-term pullback may significantly increase. Therefore, the risk of chasing prices higher at the current position is already greater than in previous days.

However, there is still buying support below.

There are still a significant number of buy orders near 65000 USD, indicating that capital is willing to support at critical areas. However, it should be noted that transaction volume has been continuously shrinking recently, indicating that upward momentum is weakening. Without a continuous inflow of new capital, relying solely on existing funds to drive the market will make it increasingly difficult to break through resistance areas.

From a technical perspective:

• The current price is still steadily running above **EMA20 (approximately 64514 USD)**;

• The middle track of the 4-hour Bollinger Bands (approximately 64460 USD) continues to provide dynamic support.

Overall, the mid-term rebound structure has not been damaged yet, but in the short term, it is more likely to enter wide oscillation rather than unilateral upward movement.

Before the trend confirms further, it is more appropriate to operate around the range rather than bet unilaterally on direction.

Range reference: 63400—65600 USD

• Approaching the upper range, pay attention to high-level profit-taking pressure;

• When dipping to the lower range, watch for whether the support is effective.

Support levels to watch: 64200, 63400-63800

Resistance levels to watch: 65000, 65588, 66500

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