Bitcoin Rebound Faces Overbought Risk Amid Consolidation

The overall trend of Bitcoin is showing a clear rhythm in its short-term secondary rebound, with lows steadily rising and buying support consistently present below. The market maintains a continuous net capital inflow, along with large buy orders underpinning the price, so the fundamentals of the bullish side have not been broken.

However, high-level indicators have entered the overbought area, meaning there's a risk of chasing more long positions. The ascending channel on the 4-hour cycle remains intact, but MACD bullish momentum has begun to weaken and RSI is flat at a high level.

The short-term picture shows that after a quick surge testing the $65,279 high, the market entered a consolidation phase, and short-term indicators are also at a high level. To break upward further requires new incremental capital inflows; if volume doesn't follow, a short-term correction is likely.

For short-term support, focus especially on the $64,700 level, if it holds, the high-level sideways structure remains; if it breaks, a deeper pullback could follow. The author advises to remain patient in trades and wait for a pullback to key support before positioning long.