August 2nd Bitcoin Market Analysis: Short-term Bearish Sentiment Remains Unchanged

Bitcoin continues to maintain a short-term bearish outlook. The recent deep decline is not accidental but the result of multiple negative factors resonating and fermenting: the Federal Reserve's latest hawkish interest rate signals, tightening market liquidity expectations, combined with a synchronized pullback in the US stock market triggering a global risk asset flight to safety. Bitcoin's price repeatedly broke through several key support levels, with a low of around 59,800. The overall technical structure has clearly shifted into a bearish pattern.

From the market trend perspective, the recent slight rebound is merely a recovery from the sharp decline and not a trend reversal signal. The chart consistently shows a typical downtrend continuation pattern with long shadows and short bodies. Trading volume is insufficient, bullish attempts are weak, and the core bearish momentum has not been fully released. At this point, blindly bottom-fishing or chasing longs can easily lead to trapping oneself.

Operational suggestion: Short in batches within the 65,000-65,500 range against strong resistance, targeting the 61,000-62,000 range. Medium-term support can be seen around 58,000, with a long-term target of 48,000.

Following the trend is the key to capturing profits. Recognize the rhythm, stay aligned with the direction, and avoid counter-trend risks!