$BTC is forming a wedge-shaped consolidation range, with lower highs and gradually higher lows. Trading volume continues to shrink, signaling an imminent breakout in direction. The 4-hour candlestick pattern shows bearish signals, and the bullish rebound lacks strength. The larger cycle has not yet entered the early stages of a bull market, and the trend is likely to remain in a consolidation pattern. Even if a rebound occurs, it’s best not to be overly optimistic. If the rebound faces resistance and fails, there’s still a risk of another downward move. Short-term key level: 62,400 (early August low) Lower target: 61,500, where a large amount of liquidity is concentrated. The main players are motivated to push down and capture liquidity. Upper resistance: 64,500–65,400 If $BTC fails to hold above 64,500, the trend will likely move downward, targeting the 61,500 liquidity zone. The main players are likely to test 61,000 to capture liquidity before initiating a rebound. Only when selling pressure gradually weakens, bullish candlesticks show increased volume, and there’s a quick recovery after a breakdown, will we approach the bottom range.