$BTC Evening Market Analysis!

Bitcoin broke through the bullish flag pattern today, but it hasn't stabilized above the key resistance level of 68030. The two attempts to push higher were false breakouts, essentially because the sell pressure above is too heavy, preventing a sustained move upward.

Why can't it push through? It's simple: those who went long near 68030 and got trapped will be eager to sell and exit once the rebound occurs, creating selling pressure. Additionally, around this resistance level, the candlestick chart shows a bearish engulfing pattern. Once this signal develops, the price is likely to test the support at 66779 and the upper boundary of the bullish flag pattern.

Currently, the highs and lows of Bitcoin are gradually rising, but it’s stuck at 68030 and can't break through, leading to sideways consolidation. Only a volume-supported move above 68030 can extend the rebound, targeting 68827-70000; if it breaks below 66779, lower lows may form, and the 68030-66779 range will be broken, causing the price to fall back inside the bullish flag for further consolidation. If the flag pattern cannot hold, it may test support at 64765.

From a cycle perspective, the hourly chart needs to stabilize above 68029 to look for further gains; although the 4-hour chart has broken above the 20 and 50-day moving averages, the upward momentum hasn't continued. The candlesticks show mostly invalid fluctuations, with multiple tests of moving support. If it falls below, the previous gains could be wiped out.

Trading strategy: Enter long on volume breakout above 68029 with stop-loss set appropriately; if volume drops below 67375 and fails to recover on a rebound, consider shorting on the right side. If the 4-hour chart falls below 66525, look for support at 65020-63978; the correction may continue.

Summary: As long as it doesn't break below 66779, the sideways pattern remains intact; once broken, the market weakens; only a breakout above 68030 justifies expecting new highs. Keep an eye on volume and key levels, and avoid blindly chasing orders.