Evening Bitcoin Market Outlook

The hourly chart for Bitcoin remains in a overall left-side downtrend. Previously, the price first dipped to 65,665 and then rebounded, reaching a high of 69,209. However, the rebound failed to continue, mainly because 69,209 is a key previous high point. It was only after breaking through this level that the subsequent rally to 71,989 occurred. Since the price couldn't effectively break this resistance, it now acts as a strong barrier.

Therefore, this rebound faced resistance at 69,209 and pulled back. After retesting the 65,665 support level and stabilizing, it rebounded again. Currently, the rebound has attempted to break through 67,319 three times but failed each time, forming a clear triple-top pattern. The likely next move is a continuation of the decline.

The support at 65,665 has been tested multiple times, and the rebound highs are gradually decreasing. After repeated tests, the support strength has significantly weakened. The probability of further decline is higher than that of a breakout upward. If the 65,665 level is broken, the next support at 64,930 is also unlikely to hold, and the downward target is probably around 63,832.

Until the 69,209 level is broken, all upward movements should be considered rebounds. Only when this level is firmly broken can the bulls regain strength. Conversely, as long as the price cannot effectively break above 67,319, the downtrend will continue.

Trading Suggestions:
• A volume breakout above 67,096 signals a potential long entry for a rebound.
• If the price drops below 66,630 with increased volume and then retraces without recovery, consider short positions.
Strictly implement stop-loss risk controls.
• Hourly level: Hold above 67,096; target 67,883-68,623 above. If unable to break above, the rebound is invalid.
• 4-hour level: Break below 66,471; target 65,665-64,921 below.