Daily Market Overview — BTC

Taking a broad view, the current sideways movement and trend are part of a corrective rebound within a bearish trend. From a higher-level perspective, various support indicators suggest that the price has not yet broken support levels locally, but the room for immediate upward movement is limited.
For the bulls, patience is required to wait for a pullback before entering; the upward movement is merely testing the resistance of the daily MA30. At best, it’s a consolidation around the main control line, not a trend reversal.
Therefore, avoid chasing upward; consider selling on rallies to follow the trend.
From the daily chart, the price remains in the second phase of a downward sideways trend. The current candlesticks are within the sideways range, on the bearish side. Although the price has not broken below the lower boundary of the overall range, when the price is below the MA30, caution is advised for a potential reversal similar to the M-top pattern at the end of the previous sideways phase (late January). The pending sell orders downward are relatively safer and offer better value.
From 4H to 12H charts, the current candlesticks are on the bearish side of the sideways structure. The mid-term trend, with the 12H MA120 as a high point, shows a oscillating downward pattern. Overall, trading opportunities are limited, mainly focusing on preventing a correction.
However, if the price can effectively recover and stabilize within the 69855-71911 range, the overall sideways duration can be extended, providing a chance for a rebound toward 74147-75760 (without prerequisites, only bearish outlook).
At the 1H level and below, the dominant cycle remains bearish. The morning rebound from the short-term support at 65198 is nearing its end. This rebound may form a micro bullish structure internally, but the secondary trading space and risk-reward ratio are not high. It’s not recommended to overtrade; just watch for sharp declines after a rally.
Bulls should avoid small timeframes’ support levels, reduce trading activity, and wait for opportunities on larger timeframes to trade short-term moves.
Summary: The overall market is dominated by a bearish trend, with partial optimism at various levels. Be cautious of major players building small-term bullish structures to induce buying. Blindly chasing rallies will likely lead to losses. Reduce trading frequency and place orders at key levels with a downward bias in mind.
Short-term resistance is around 67620; reference levels for upward movement are 69475-70376 (monitor only, no trading), with secondary resistance at 74147-75760.
I won’t detail short-term support levels here; traders can operate based on their own judgment. The following levels generally reflect a long-term view for short-term trading:
Aggressive support: 64418-63420 (monitor for quick entries/exits)
Short-term support: 59469-57668 (quick entries/exits)
Secondary support: 56150-54088 (sharp decline, look for rebounds)
Potential third support: lower boundary of the downward range at 47611-38996, which can be used for long-term positions! #BTC