The most concerning thing right now is that the U.S. stock market has hit new highs, but bitcoin:native still can't seem to rally. Last night, the S&P 500 and Dow Jones reached record highs, Nasdaq rose 2.6%, oil prices dropped below $80, and U.S. Treasury yields are also retreating. Based on past trading logic, this environment should be favorable for BTC, but the price is still stuck around $64,000. The issue is no longer just macroeconomic factors. Strategies are starting to sell coins, spot ETFs are maintaining a balance of inflows and outflows, policy expectations are cooling down, and what's missing now is capital and confidence. Looking at the 4-hour structure, BTC has been stuck in a descending channel since pulling back from $66,700, with each rebound peak lower than the last. Now the price is back near the upper boundary of the channel. Whether it can break through here will determine if this rally is a trend reversal or just a regular technical correction. If it fails to break above, the nature of the rebound remains unchanged. Only a breakout with strong volume followed by a successful retest will qualify as a reversal. Key levels to watch next: $63,000: Short-term support $64,500–$65,000: Resistance zone in the descending channel $66,000: Confirmation level for trend strength Strong U.S. stocks and weak BTC inherently indicate relative weakness. Until $66,000 is reclaimed, treat this as a rebound within a downtrend. For this month, I still expect wide-range consolidation. Use liquidation maps to find high-value entry points before making a move! #Crypto #BTC #Bitcoin #Trading #Investing