Tuesday, July 8, 2025

The early market rebounded after hitting a low in the early morning. After the changeover point, the bulls continued to test the high resistance level at 108500. After coming under pressure and falling back, the bears once again increased their volume and moved lower, with the lowest point touching around 107400 before stopping the decline. Overall, it has entered a slight consolidation phase, with the current price oscillating around 108000.

From the current market perspective, the daily line has been continuously probing lower. Although it has not broken through previous key support, it has tested near the support multiple times, indicating a further downward trend. The middle track position on the daily line previously showed a strong rebound after testing with a lower shadow line, indicating that it is the current lifeline for the bulls. Once it breaks, it will open up deeper adjustment space. With the fluctuations in the market, the middle track position has come to around 106500, overlapping with previous support, showing a weak structure. If the middle track breaks, high-position short positions can continue to be set up.

On the four-hour chart, after the K-line broke the middle track support, the operating range remained between the middle and lower tracks. The bulls quickly closed with an upper shadow line after testing above the middle track in the early market, and both upper and lower shadow lines appeared at the end of the day. In the Asian session, selling pressure above and buying strength at the bottom were both strong, and it will still be a game around the middle and lower tracks in the short term. The indicators show a bearish trend, with the market gradually testing the lower track support, and the bears are performing stronger. The operational strategy remains bearish.

For operations, Ye Wei personally suggests that Bitcoin can continue to short around 108500, looking at the ranges of 107300-106500!