Good night, friends—I haven’t done an analysis in a while. The July close in Bitcoin doesn’t give me a clear sense of reversal. The recovery from the bottom is real, and we can’t ignore it—but the weekly structure still isn’t offering the same level of confidence. So the question here isn’t whether there’s an uptrend, but whether this uptrend has truly been accepted. In the short term, the picture isn’t bad. After the dip around $57,800, there’s consolidation on the daily and 4-hour charts; price has climbed above key moving averages, and momentum is supporting it. But this still doesn’t mean the larger trend has reversed. I believe Bitcoin’s primary decision zone right now is the $63,000–$66,500 range. Price is currently trapped within this zone, with a noticeable sell wall around $65,000. So it’s not enough just to touch above—it must truly consume that level and hold above it. A close above $65,500–$66,500 would strengthen the short-term outlook. But if we’re talking about a larger reversal, I’m still watching the $67,000–$70,900 range. To me, calling the July recovery a new major uptrend cycle before Bitcoin reclaiming that area feels premature. On the downside, $64,800 looks like the first level of weakness. A daily close below $63,000 would make things significantly more serious, as long positions appear somewhat crowded in the market. Even a small pullback here could trigger liquidation pressure. Leverage is therefore critical. Current positioning shows roughly 54% long and 46% short. Open interest is rising, and margin levels on the long side have strengthened. This doesn’t fully invalidate the upside—but it does suggest that if a downward move comes, the market could react more sensitively. Momentum is sending mixed signals. Short-term indicators support the consolidation, but some oscillators are approaching overbought territory. Volume isn’t keeping pace with the move. So while the reaction is real, so is the risk of exhaustion. I’m not reading this close as either a clear bullish or bearish breakout. It looks more like a transition zone. Bitcoin’s upside potential remains alive—but to say this chart has regained confidence before reclaiming $65,500–$66,500 and then $67,000–$70,900 feels too early to me. These are my personal thoughts—not investment advice.