Bitcoin is currently oscillating in the $65,000-$69,000 range, with the market in a critical technical convergence phase. Macro-wise, the Federal Reserve's policies and extreme panic sentiment are suppressing the market; however, on-chain data shows that long-term holders (whales) are still quietly accumulating, presenting a scenario of 'smart money' against retail investors.
The rebound high is gradually declining, forming a descending flag, while the support at $66,000 is repeatedly tested. This narrow oscillation suggests that a trend change is imminent.
In terms of short-term operations, strong support below is at $65,500, and if this level is lost, it may drop to $60,000; short-term resistance above is at $68,000-$69,300, and only a volume breakout above this area can confirm the end of the adjustment, leading to a retaliatory rebound, targeting the $72,000 level. Before the breakout occurs, it is advisable to maintain a range-bound mindset, set strict stop losses, and patiently wait for directional choice.