Bitcoin Evening Thoughts

In the recent period, the market has been oscillating repeatedly. In a consolidation phase with no clear direction, unless you are holding your existing positions, it’s not recommended to open new positions. Blindly entering the market will only keep consuming your principal.
Bitcoin is still consolidating within the triangle range for now. Neither bulls nor bears have yet decided the outcome. Rather than repeatedly trying to find a move during the range-bound oscillation, it’s better to wait until the direction becomes clear before entering. As long as it doesn’t break below the lower edge of the triangle, the downside move will not expand further. If it breaks below this range, focus on the Fibonacci 61.8% support level at 65142. If price holds there, it could trigger a minor rebound. If it directly breaks below, look to the 1:1 target level at 63756.
To break the current sideways-to-down drift pattern, you must achieve an effective breakout above 67327. Only after price holds above this level can the weak trend be brought to an end, and there will be a chance to challenge 69160. At present, the resistance level at 67327 has been tested four times without breaking through. After resistance has weighed on price multiple times, bullish momentum has shown signs of exhaustion, and it’s difficult to break through relying solely on its own strength. If the fifth attempt also fails, the bulls will basically be seen as weakening on a phase basis. The market will most likely retrace downward to look for buy-side support, or wait for relevant positive news catalysts to choose a direction.

Trading Suggestions:

• A high-volume breakout above 67237: you can chase longs on the right side, with targets at 67851-68510
• A high-volume breakdown below 66760 and a failed rebound that cannot reclaim: you can chase shorts on the right side
• Hourly chart: only when it holds around 67100 will there be upside room; otherwise, maintain weakness
• 4-hour chart: if it breaks below 66358, look for 65638-64918 below
$BTC
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