The cryptocurrency market has entered an adjustment phase for two consecutive days, and market sentiment has clearly cooled.

Yesterday, BTC's daily line closed in the red again, with almost no significant rebound during the session, indicating a marked decrease in the willingness of bulls to defend. ETH had been fluctuating within a range, but quickly weakened after breaking key levels, and the sentiment among investors has turned more cautious.

Although BTC's decline is not the largest in the market, from a technical perspective, BTC has become one of the most clearly bearish mainstream coins at present. The price continues to operate within a weak zone, reflecting an increasing willingness among short-term investors to realize profits.

From a macro perspective, risk assets are also facing multiple pressures:

• Brent crude oil has broken through $100 per barrel, energy prices continue to rise, and inflationary pressures are heating up again;

• The yield on 10-year U.S. Treasury bonds has risen to over 4.7%, reaching a near 18-month high, with a high interest rate environment continuing to suppress risk appetite;

• Market expectations for a rate hike in July have increased, further adding to concerns about tightening liquidity.

The combination of multiple factors has put overall pressure on risk assets, making it difficult for the cryptocurrency market to completely escape the influence of the macro environment in the short term.

Meanwhile, ETH has continued to decline from above $1950, and the market should focus on two key supports around BTC 64200 and ETH 1870.

• If the key supports hold, the market may welcome a technical recovery;

• If they break down effectively, it would indicate that the adjustment period may be further prolonged, and prices may continue to search for new support.

₿ Bitcoin (BTC)

Viewpoint: Technical recovery is secondary, the overall focus remains on bearish strategies.

After two consecutive days of significant adjustments, the short-term oversold condition has deepened, so a certain degree of technical recovery today cannot be ruled out.

However, from an overall structural view, market control still lies in the hands of the bears.

Currently:

• Four-hour candles have continuously closed in the red, maintaining the integrity of the bearish trend;

• Profit-taking at high levels continues, with signs of funds exiting being quite apparent;

• The price is still operating below **EMA50 (approximately 65020)**, and short-term pressure remains;

• A MACD death cross has formed, with bearish momentum still dominating.

However, from a higher timeframe perspective, the price has gradually approached the important support area in the 12-hour timeframe, and some signs of a bottoming out are beginning to appear.

This indicates that a technical rebound may occur in the short term, but if trading volume cannot effectively increase, the rebound is more likely to be corrective rather than the beginning of a new upward trend.

Therefore, the current trading strategy is suggested to remain unchanged:

• As the rebound approaches resistance areas, maintaining a bearish stance is still prioritized;

• After testing key supports, if clear bottoming signals appear, a small-position long can be attempted;

• Pay close attention to whether support around 64200 can hold, as this will determine the depth of any subsequent daily adjustments.

Key Position References

Support: 64000-64300-63600

Resistance: 65400-65800-66300

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