Bitcoin surged to 68,500 in the morning before facing resistance and pulling back, with gains gradually being given up. This level has been emphasized as a significant resistance multiple times before.

On the daily chart, the price is trading below the EMA moving averages, with short-term moving averages in a bearish alignment and the medium-term trend showing weakness. The rebound momentum is not very strong; the MACD lines are below the zero axis, indicating diminishing bearish momentum, but facing multiple resistances above. This suggests that a reversal signal has not been confirmed. Selling pressure has eased, but buying support remains limited. It is expected that the price will stay within the 65,000-69,000 range for now, with focus on whether the 65,000 support level breaks. If it does, the next targets are around 62,000-60,000.

On the 4-hour chart, short-term moving averages are pressing down on the price, with the middle Bollinger Band acting as resistance and the lower band providing support. The narrowing channel indicates a potential upcoming trend change. MACD, RSI, and KDJ are all at low levels, suggesting a technical rebound is needed. However, if trading volume does not follow through, the rebound may weaken again. The overall bias remains cautious, favoring short positions. For short-term longs, it’s better to wait for a pullback and stabilization before considering new entries.