BTC 4-hour trend analysis: The third wave downward has been confirmed, with 64300 becoming a key defense line.

From the 4-hour structure, Bitcoin has remained in a downward trend since reaching a high of 66900.

The market trend is very clear:

Highs continue to decrease:
66900 → near 65500 → in the 65000 area

Lows simultaneously decline:
66000 → 64000 → near 63200

The current price is in the confirmation stage of the third wave downward.

Combined with the trendline, the downward pressure continues to exist, with each rebound facing resistance from above, and the bullish momentum in the market is gradually weakening.

Currently, several key positions are being monitored:

First support: 64300

64300 is the current short-term bull-bear boundary.

If the price breaks below 64300, it means the third wave down has officially opened.

Focus below:

63300 area

This is the previous support during the fluctuations and also the first target position.

If market sentiment further weakens:

Then look towards:

62300 area

Pressure above:

For short-term rebounds, first focus on:
65000—65300 area

This is both the previous rebound high and the trend resistance position.

Only by stabilizing back above 65300 can there be a chance to challenge 65500 or even retest 66000.

Old Jin's viewpoint:

The current big pie is not a simple correction but is undergoing a complete conversion of highs and lows.

After peaking at 66900, the third wave downward is forming.

The focus now is not on guessing the bottom but on waiting for market confirmation:

If it drops below 64300, watch 63300-62300;
If it breaks above 65300, regain strength.

In the face of trends, patience is more important than predictions.

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