The afternoon market experienced a sudden shift, with Bitcoin starting its decline from the $68,500 level. In the evening, it briefly dipped to a low of $66,200 before finding a bottom and stabilizing. The bulls quickly entered the market to absorb selling pressure, driving a strong rebound. Currently, the upward momentum continues, and the price has regained the $67,700 level. The deep pullback during the day has set the stage for the next phase of the rally.

From the 4-hour chart perspective, $66,200 is precisely the support level at the upper boundary of the previous ascending channel, and this recent dip confirmed a valid retest after the breakout. The long lower shadow on the candlestick indicates strong buying interest below, suggesting that the bearish momentum is temporarily weakening. Switching to the 1-hour chart, the rebound is accompanied by significantly increased trading volume, and the short-term moving averages are beginning to turn upward, with a golden cross imminent, indicating that short-term momentum has shifted to bullish. As long as the price can stay above the psychological level of $67,000, the technical outlook remains optimistic for continued sideways growth. The first resistance is in the $68,000–$68,200 range, and a breakout could challenge the previous high of $68,500.

The current structure has shifted to a bullish dominance, and traders can consider buying on dips. Conservative investors may look for stabilization around the $67,200–$67,000 zone to enter, with a stop-loss below $66,500. If the price breaks through $68,000 with increased volume, a light position can be added to pursue further upside potential. The initial target is $68,500, followed by the $69,000 level.