Hello everyone, happy weekend! Time flies so fast! The last week of this month is about to begin! Let's take a look at the market now! Bitcoin first tested the bottom around 77,100 in the early hours, then quickly stabilized, and subsequently rebounded all the way back up, currently oscillating around 77,500.

After a sharp decline, a technical rebound occurred, but the core strong resistance above has not been fully broken through yet. The rebound momentum has already started to slow down, and the overall bearish trend has not been reversed. Plus, with the market trading relatively quiet over the weekend, there’s a high probability of sideways consolidation, and the risk of a pullback after a rally is still significant. In terms of trading strategy, it’s still mainly shorting at the highs of the rebound, with short-term buying on dips as a supplement.

Now that the rebound is approaching resistance levels, the upward momentum has clearly weakened, and selling pressure at higher levels is gradually emerging. Chasing the rally at this point offers a poor risk-reward ratio, as there’s always a chance of encountering resistance and falling back again, or weakening further.

Trading suggestions

Short at the high in the 77,850–78,350 range, with the first target at 77,150, and if broken, look for 77,650 → 77,000 → 76,500.
Buy on dips around 77,350 with a short-term long, first target at 77,850, and if broken, look for 78,250–78,750.