bitcoin

Биткоин обрушился 6 февраля, и криптосообщество пытается понять, кто стоит за массовой распродажей. Появилось три версии — от азиатских хедж-фондов до банковских хеджирований и майнеров, переключающихся на искусственный интеллект(AI).
Гонконгские хедж-фонды и йеновый кредит
Одна из главных теорий указывает на азиатские хедж-фонды, которые делали ставки на рост биткоина с использованием заемных средств. По словам Паркера Уайта (Parker White), операционного и инвестиционного директора DeFi Development Corp, фонды из Гонконга использовали опционы, привязанные к биткоин-ETF вроде IBIT от BlackRock, и финансировали эти позиции за счет дешевых займов в японских йенах.
Схема работала просто: фонды обменивали йены на другие валюты и инвестировали в рисковые активы вроде криптовалют, рассчитывая на дальнейший рост цен. Когда биткоин перестал расти, а стоимость йеновых займов увеличилась, эти позиции с плечом быстро превратились в убытки. Кредиторы потребовали дополнительное обеспечение, что заставило фонды срочно распродавать биткоин и другие активы — это лишь усилило падение.
Morgan Stanley и структурные ноты
Бывший глава BitMEX Артур Хейес (Arthur Hayes) предложил другое объяснение. Он считает, что банки, включая Morgan Stanley, могли быть вынуждены продавать биткоин или связанные с ним активы для хеджирования своих позиций в структурных нотах, привязанных к спотовым биткоин-ETF.
Эти финансовые продукты позволяют клиентам делать ставки на динамику цены биткоина, часто с защитой основной суммы или барьерами. Когда биткоин резко падает и пробивает ключевые уровни — например, около $78 700 в одном из продуктов Morgan Stanley — дилерам приходится проводить дельта-хеджирование путем продажи базового актива или фьючерсов.
Это создает эффект «отрицательной гаммы»: чем сильнее падает цена, тем больше продаж для хеджирования требуется. В итоге банки из поставщиков ликвидности превращаются в вынужденных продавцов, что усугубляет нисходящий тренд.
Майнеры уходят в AI
Менее обсуждаемая, но тоже циркулирующая теория связывает падение биткоина с «исходом майнеров». Аналитик Джадж Гибсон (Judge Gibson) 7 февраля написал в соцсети X, что растущий спрос на дата-центры для искусственного интеллекта уже вынуждает майнеров биткоина менять направление деятельности, что привело к падению хешрейта на 10-40%.
В декабре 2025 года майнер Riot Platforms объявил о переходе к более широкой стратегии дата-центров и продал биткоинов на $161 млн. На прошлой неделе другой майнер, IREN, также анонсировал переход на дата-центры для AI.
Индикатор Hash Ribbons тоже подал тревожный сигнал: 30-дневная средняя хешрейта опустилась ниже 60-дневной — негативная инверсия, которая исторически указывает на серьезный стресс в доходах майнеров и повышает риск капитуляции.

По состоянию на 7 февраля средняя стоимость электроэнергии для майнинга одного биткоина составляла около $58 160, а чистые производственные расходы — примерно $72 700. Если биткоин опустится ниже $60 000, майнеры могут столкнуться с реальными финансовыми трудностями.
Мнение AI
С точки зрения системного анализа, три описанные теории могут быть не конкурирующими гипотезами, а звеньями одной цепи. Алгоритмические торговые системы способны превратить локальный шок в азиатском регионе в глобальный каскад: банковские хедж-боты реагируют на волатильность, майнеры видят падение рентабельности и ускоряют диверсификацию, а это создает дополнительное давление на рынок. Обвал индекса Dow Jones в мае 2010 года показал, как взаимосвязанные автоматизированные системы превращают небольшую турбулентность в катастрофу — индекс рухнул почти на 1000 пунктов за минуты.
Институциональный биткоин принципиально отличается от рынка 2017-2021 годов. Тогда распродажи провоцировали розничные инвесторы, теперь — банковские деск-трейдеры и риск-менеджеры со строгими алгоритмами. Рынок стал более «эффективным», но одновременно более уязвимым к системным сбоям. Парадокс в том, что профессионализация крипторынка делает его более уязвимым к каскадным эффектам.
#BTC #bitcoin #etf #Write2Earn
$BTC

Bitcoin has always respected one rule more than any narrative: long-term structure matters most during macro stress.
Looking at the weekly chart, $BTC is still trading inside a long-term ascending channel that has guided price through multiple cycles.
Every major expansion phase has respected this structure, while every deep correction has tested its lower boundaries.
One level stands out historically and structurally: the 200-week moving average (200W MA).
Why the 200W MA matters
The 200W MA has acted as Bitcoin’s cycle floor during bear markets:
In 2018, BTC bottomed near it.In 2022, BTC briefly broke below it, triggering panic but also marking a generational accumulation zone.
If Bitcoin loses the 200W MA again, history suggests we should not ignore what comes next.
The $38,000 confluence
From the chart, $38,000 is not just a random number:
It aligns with the lower bound of the long-term channelIt overlaps with a key Fibonacci retracement zoneIt sits near prior high-volume consolidation areas
In 2022, when BTC lost the 200W MA, price didn’t collapse immediately but once structure broke, downside momentum accelerated. That same structural risk exists again if the level fails.
This doesn’t mean $38,000 must be reached but if the 200W MA breaks, this becomes a high-probability area of interest, not a prediction.
Market context matters
What makes this cycle different is that Bitcoin previously made new highs during a contracting macro environment, largely driven by ETFs and institutional access.
Now, the market is at a crossroads:
Either BTC holds long-term structure and confirms resilienceOr it repeats history, where structural breaks force price to seek deeper liquidity zones before the next expansion
Understanding this distinction is critical for risk management not just for traders, but for long-term holders as well.
This is not about fear it’s about preparation.
The 200W MA is the line between long-term confidence and structural stress
$38,000 is a level the market will react to if that line breaks
Structure breaks first narratives come later
If Bitcoin revisits the 200W MA, do you see it as a warning sign or a long-term opportunity?
#BTC #bitcoin #CryptoAnalysis

#bitcoin doesn’t move randomly.
It repeats behavior; just at different prices.

When you zoom out and compare the previous cycle to the current one, the structure is almost identical.

Let’s break it down 👇

📈 Phase 1: Higher High
Both cycles started the same way.
A strong bullish expansion that convinced everyone the trend would last forever.

🐂 Momentum was strong. Sentiment was euphoric.

🔻 Phase 2: Structural Break
After the higher high, price failed to continue.
Support zones broke. Momentum shifted.

🧱 Phase 3: Weekly Low Reaction
In both cycles, Bitcoin found a major weekly low.
Buyers stepped in. Hope returned.

This is where most traders got confused... thinking the worst was over.

⏸️ Phase 4: Range
This is where we are now.

Price is no longer trending.
It’s digesting the prior move inside a wide range.

Volatility increases. Direction disappears.
Traders get chopped. Investors get tested.

This phase is not about speed, it’s about patience.

💡 Key Insight
Phase 4 is not bearish.
But it’s also not bullish.

It’s a transition phase... where weak hands exit, strong hands accumulate, and the next big move is quietly prepared.

The same movie.
Different year. Different price.

🤔 Question:
Do you think this range resolves the same way as the last cycle… or does Bitcoin surprise everyone this time?

⚠️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.

📚 Stick to your trading plan regarding entries, risk, and management.
#BTC #BTCVSGOLD #TrendingTopic
$BTC

For years, Bitcoin’s four-year halving cycle felt almost predictable. Each halving reduced miner rewards, tightened supply, and historically helped spark a bull run that peaked about 12 to 18 months later.
For over a decade, the rhythm felt almost mechanical.
2012 halving → 2013 peak
2016 halving → 2017 peak
2020 halving → 2021 peak
Then came April 2024. Miner rewards dropped to 3.125 BTC, and expectations were clear: strong rally, euphoric top, then a cooldown.
Here is a long-term view of Bitcoin's price action (logarithmic scale), showing historical halving cycles and the path through 2024–2026:

Bitcoin did deliver, climbing to roughly $126K in October 2025.right on schedule. Still, momentum faded faster than anticipated.
By mid-February 2026, Bitcoin trades around $69,000–$70,800, after briefly falling below $61,000. That marks a 45–50 percent decline from the peak. Significant, but still less severe than past corrections that often exceeded 70 percent.
▪️Why the Cycle Looks Different Now
Several structural changes are reshaping Bitcoin’s behavior.
Institutional flows dominate.
Since spot ETFs launched in 2024, fund inflows frequently outweigh daily miner supply, making capital movement a stronger price driver than halving scarcity.
Macro trends matter more.
Bitcoin increasingly reacts to interest rates, liquidity, and overall risk sentiment, behaving more like a global macro asset.
A larger market needs bigger money.
At trillion-dollar scale, supply cuts alone no longer trigger explosive rallies.
Here is a comparison chart overlaying the current post-2024 halving cycle against previous cycles (adjusted for time since halving):

▪️2026 Outlook: Three Possible Paths
Bullish: Some expect an extended cycle with targets between $150,000 and $250,000, driven by ETF demand, corporate adoption, and potential rate cuts.
Neutral: Others see Bitcoin maturing into “hard money,” trading roughly between $75,000 and $150,000 with slower, steadier growth.
Bearish: A deeper correction toward $50,000–$60,000 remains possible if macro
Here is a closer look at the 2025 peak and the 2026 correction so far:

▪️Bottom Line
The four-year cycle is probably not dead. But it is no longer the metronome controlling the entire market.
Bitcoin is evolving into a global macro asset, shaped more by institutional capital than predictable supply shocks.
And here is the practical takeaway many wish they understood earlier:
Do not anchor your strategy to old market structures.
Anchor it to where capital is moving next.
#bitcoin

BlackRock vừa chuyển 2,268 BTC ($156M) + 45,324 ETH ($91.8M) lên Coinbase Prime – Nhưng áp lực bán từ nhà đầu tư truyền thống đang giảm mạnh!
Dữ liệu on-chain mới nhất:
🔶 BlackRock (qua quỹ iShares Bitcoin Trust & Ethereum Trust) đã chuyển:

→ 2,268 BTC ≈ $156 triệu

→ 45,324 ETH ≈ $91.8 triệu

lên Coinbase Prime trong 24–48 giờ qua.

Quan trọng hơn:

Khối lượng chuyển BTC/ETH từ custodian (như BlackRock, Fidelity…) lên Coinbase Prime đang giảm rõ rệt trong những ngày gần đây.
→ Điều này cho thấy áp lực bán từ nhà đầu tư tổ chức truyền thống đang dịu đi đáng kể!
Trước đây, lượng lớn chuyển lên Prime thường là để chuẩn bị bán hoặc rebalance.
Giờ khối lượng giảm → Nhiều khả năng họ đang hold hoặc accumulate thêm thay vì dump.
Phân tích nhanh:
🔶 Tín hiệu tích cực cho BTC & ETH dài hạn: Smart money tổ chức bớt bán, nguồn cung trên sàn giảm → Giảm áp lực bán tháo.
🔶 Trong bối cảnh thị trường điều chỉnh, đây có thể là dấu hiệu bottoming hoặc chuẩn bị cho nhịp phục hồi khi tổ chức quay lại mua dip.
Bạn nghĩ sao? BlackRock đang “giữ hàng” chờ pump hay chỉ là điều chỉnh portfolio tạm thời?
Comment vị thế BTC/ETH của bạn bên dưới, tag bạn bè để cùng theo dõi nhé!
$BTC $BNB $SOL
#bitcoin #BTC #ETH #BinanceSquare #CryptoNews

After a sharp sell-off from the $97,000 region down to around $60,000, Bitcoin has just experienced one of the most aggressive corrections of this cycle.
What makes this move especially notable is that it unfolded despite strong structural support from Bitcoin ETFs and continued DCA activity by large funds, clearly signaling that selling pressure has significantly outweighed buying demand in recent weeks.
In simple terms, distribution has dominated accumulation. This imbalance can largely be explained by the broader monetary backdrop, which remains less supportive of risk assets.
As a result, capital has rotated defensively moving into stablecoins and traditional safe-haven assets as investors prioritize capital preservation over exposure to volatility.
From a short-term perspective, based on personal analysis and market structure, Bitcoin is likely to attempt a recovery toward the $80,000–$83,000 zone.
This area represents a major technical and psychological inflection point. How price behaves there will be critical:
A rejection could confirm continuation of the corrective phaseA strong acceptance and reclaim could signal a transition back into growth
The coming weeks are therefore pivotal for Bitcoin’s medium-term structure. This is the zone where the market must decide whether the recent move was a deep reset or the prelude to another expansion phase. Let’s see which path the market chooses.
#BTC #bitcoin #CryptoAnalysis $BTC

Hey. Looking at the charts and I see a familiar picture: BTC is back around 70k but has already been lower, $ETH and $XRP are also in the red. Everyone is talking about "market pressure" and "uncertainty." Sounds like a template excuse, let's break it down without the fluff.
Yes, Bitcoin couldn't hold above 74.5k — that's a fact. The chart did break the uptrend that had been holding for months. But is that really so important? The market always moves in waves: rally, correction, consolidation. We're just in a correction phase after a powerful rally. Short-term stop-losses got triggered, the weak hands got shaken out — business as usual.
The fact that crypto is correlating with the stock market right now is nothing new. When indices fall, investors take profits across all risky assets, including BTC. This isn't a crisis of faith in Bitcoin, it's simply a momentary capital reshuffle.
Here's what really stands out: the outflow from Bitcoin ETFs. Institutions are selling a bit — probably taking profits or waiting out the volatility. This creates additional pressure, but it's not a trend reversal. Remember how everyone feared selling from MT.Gox or governments? The market digested it and moved on.
Regulatory uncertainty in the US? It's always been there. While politicians argue, big capital isn't sitting idle — it's quietly accumulating on dips.
So, what is this: the start of a big drop or just a pause?
Personally, I see a healthy correction after a crazy run-up. The market is shedding overheated momentum. Key support levels (like that 60k area for BTC) are holding for now. If we don't see mass position closures by funds and panic in traditional markets, this looks more like a chance to buy the dip than a signal to flee.
The main question right now isn't "why are they falling?" but "is this for long?" What do you think — is this a deep correction or just a minor shakeout before the next leg up?
$BTC #BTC #bitcoin

A inicios de 2026, el mercado cripto no solo vive de "narrativas", vive de liquidez. Mientras muchos se distraen con el ruido diario, los grandes inversores están siguiendo una métrica que nunca miente: el M2 Global (la oferta monetaria).
Históricamente, Bitcoin ha funcionado como un "barómetro de liquidez". Cuando la Reserva Federal (FED) inyecta dinero o detiene su drenaje (Quantitative Tightening), BTC tiende a explotar.
Estado de la FED: Tras la reunión de enero de 2026, las tasas se mantienen en el rango de 3.5% - 3.75%. Aunque no hubo recortes inmediatos, la FED ha finalizado oficialmente el programa de contracción (QT), lo que significa que el "grifo" está listo para abrirse de nuevo.M2 Global: Actualmente, la oferta monetaria M2 está en niveles récord de $22.69 Trillones. Aunque la correlación con BTC ha sido volátil en los últimos meses, los analistas de Fidelity y CoinShares sugieren que estamos en un periodo de "acumulación silenciosa".El Precio hoy: Con Bitcoin cotizando cerca de los $68,000 - $70,000, el mercado está absorbiendo la presión de venta para prepararse para el próximo ciclo de flexibilización previsto para junio de 2026.
¿Por qué es el desencadenante oculto?
La liquidez de la FED actúa como combustible. Si el dólar se vuelve "barato" debido a la pausa en las tasas y la inyección de capital, los activos de suministro limitado —como Bitcoin— se convierten en el refugio preferido de las instituciones. Reportes de CoinShares indican que, en un escenario de "vuelo hacia la calidad", BTC podría alcanzar los $170,000 antes de que termine el año.
Estrategias para ganar en este mercado y no ser simplemente un espectador, aquí tienes tres tácticas profesionales:
DCA (Dollar Cost Averaging) Estratégico: No intentes adivinar el suelo exacto. Aprovecha las correcciones actuales hacia los $60,000 para promediar tu entrada. Históricamente, las zonas de "aburrimiento" preceden a las parábolas de liquidez.Seguimiento del M2 y Flujos de ETF: Monitorea los flujos de los ETF de Bitcoin al contado. Si las entradas institucionales superan los $50 mil millones, es una señal de que el "smart money" está posicionándose antes de la inundación de liquidez.Rotación de Capital: Una vez que Bitcoin rompa su máximo histórico, parte de esa liquidez fluirá hacia Ethereum y Alts de alta capitalización. Mantén un 70-80% en BTC como base sólida y usa el resto para buscar "betas" de mayor crecimiento.
Notal: "No esperes a que el dinero inunde el mercado para comprar; compra mientras el mercado todavía tiene sed".
¿Crees que Bitcoin superará los $100k antes de junio o la FED nos dará una sorpresa? 👇 ¡Te leo en los comentarios!
#bitcoin #Fed #liquidez #Criptomonedas #BTC
$BTC
$PAXG

Bitcoin’s next big options gravity well sits on Mar. 27 (260327), and the reason is simple: this is where the market has parked a thick stack of conditional bets that will need to be unwound, rolled forward, or paid out as the clock runs down.
The Mar. 27 expiry carries about $8.65B in notional OI and flags $90,000 as max pain, a rough reference point for where, in aggregate, option holders would feel the most pain at settlement.
The broader options complex is enormous, with total BTC options open interest around $31.99B across exchanges, led by Deribit at roughly $25.56B, with the rest split across Binance.

That concentration can shape how price behaves on the way there, particularly when liquidity thins and hedging flows start to matter more than anyone wants to admit.
Options can often sound like some kind of private language of institutional traders, which is convenient right up until they start influencing spot price. Our goal here is to translate a crowded derivatives calendar into something legible: where the bets are concentrated, how that concentration can change behavior in spot markets, and why March 27 stands out.
March 27 and the shape of the bets
On Mar. 27 (260327), data shows more calls than puts, roughly 69.85K calls versus 53.25K puts, with puts carrying far more market value than calls in that moment.

That combination might look strange and even contradictory, until you translate it into everyday incentives.
Calls can be plentiful because they offer defined-risk upside exposure that feels emotionally painless to hold, while puts can be more expensive because downside protection is often bought closer to where it actually hurts, and it tends to get repriced more aggressively when the market is nervous.
The volume data adds a second clue about what was happening at the margin. For the same Mar. 27 expiry, CoinGlass data shows puts around 17.98K versus calls around 10.46K in trading volume, again with puts carrying the heavier market value.

That tells us the flow that day leans more toward paying for protection than chasing upside, even while the outstanding inventory still looks call-heavy on count.
Now place that against spot and the broader pile.
March can feel far away in calendar terms, especially when the market is this volatile, but in options terms, it's close enough to exert gravity once nearer expiries finish shuffling positions forward.
When one date holds several billion in notional, it becomes a focal point for rolling, hedging, and all of the other quiet mechanical work market makers do to stay roughly neutral as customers buy and sell convexity. While this doesn't guarantee a particular price, it does increase the odds of price behaving as if there are invisible grooves in the road, because in a derivatives-heavy market, hedging flows can add friction in some ranges and remove it in others.
That brings us to max pain. It's a bookkeeping-style calculation across strikes, not a law of nature and not a trading signal with a motor attached.
It can be a useful reference in the way a median can be useful, as a single marker that tells you something about the distribution, but it's blunt, and blunt tools are almost never the ones moving price.
What tends to matter more is where positions are crowded by strike, because crowding changes how much hedging needs to happen when spot moves. CoinGlass data shows a put/call ratio around 0.44, one more hint that the distribution is lopsided rather than smooth, and lopsided is the whole point because it's how a date stops being a calendar fact and becomes a market event.
There's a simple, non-trader way to hold all of this without turning it into fortune-telling.
As March approaches, crowded strikes can behave like zones where price movement feels oddly damped, then oddly jumpy, because the hedging response is not steady.
If Bitcoin wanders into a heavily populated region, the market’s automatic risk management can reinforce a range, and if Bitcoin moves hard enough to escape it, those same mechanics can flip into something that amplifies momentum instead of resisting it.
What's gamma doing while everyone argues about max pain
If options talk has a single word that scares off otherwise capable people, it's gamma, which is unfortunate because the idea is straightforward when you keep it tied to consequences rather than algebra.
Options have deltas, meaning their value changes with price, and gamma describes how quickly that sensitivity changes as price moves.
Dealers who sit on the other side of customer trades often hedge to reduce directional risk, and the practical version is that hedging can turn them into automatic buyers on dips and sellers on rallies near crowded strikes. This is one of the clearest explanations for why price can look magnetized to certain regions.
The reason this matters for a large expiry like Mar. 27 is that hedging intensity isn't constant through time.
As expiry approaches, near-the-money options tend to become more sensitive, and that can make hedging adjustments more frequent and more meaningful in size. That's where the idea of pinning comes from, the observation that price can spend suspiciously long periods hovering near certain strikes as hedgers lean against small moves.
It's often just a risk-control habit showing up in the tape, and it becomes easier to notice when open interest is large and concentrated.
CryptoSlate has covered similar episodes as the options market has matured, emphasizing that expiry effects are most visible when positioning is heavy and clustered, also noting that the calm can disappear after settlement as hedging pressure resets and new positions get rebuilt.
More traditional market reporting often treats max pain as a reference point while focusing attention on how expiry, positioning, and volatility interact.
The key is that the mechanism itself isn't mystical. A large options stack creates a second layer of trading activity that reacts to spot moves, and sometimes that reactive layer is large enough to be felt by everyone, including people who never touch derivatives.
Options greeks charts, with their stepped shapes, are a visual reminder that sensitivity changes in regimes rather than smoothly. They suggest exposure is concentrated around specific strike regions, so the hedging response can change character as spot crosses those zones.
That's why a single headline number like max pain is usually less informative than a sense of where open interest is thickest, because the thick zones are where hedging flows are most likely to show up as real buying or selling, regardless of what the settlement meme says.
February reshuffles, June anchors, March decides
Mar. 27 is the main event in your snapshot, but the supporting beats matter because they help explain how the March setup can change before it arrives.
The same max pain view shows a meaningful late-February expiry, Feb. 27 (260227), at about $6.14B notional with max pain around $85,000.
It also shows notable size further out, including a high concentration at late June (Jun 26, 260626), which serves as a reminder that positioning is not only about the next few weeks, it is also about the market’s longer-dated posture.
February matters because it's close enough to force real decisions.
Traders who don't want positions to expire often roll them, and rolling isn't just a calendar action, it's a change in where exposure sits.
If February positions get rolled into March, the March pile grows heavier, and the gravity well can deepen. If February positions are closed or shifted to different strikes, March can look less crowded than it does today, and the options map will change in a way that has nothing to do with headlines and everything to do with inventory management.
Either way, February is a likely moment for hedges to be adjusted and for the strike distribution to be reshaped, which is why it deserves attention even in a March-focused story.
June matters for a different reason. Far-dated size tends to decay more slowly and can function like an anchor for risk limits, which can affect how aggressively desks manage near-dated risk in March.
The presence of meaningful longer-dated positioning suggests the market is warehousing views about where Bitcoin could be by early summer. That kind of positioning doesn't dictate day-to-day price, but it can influence the tone of the market around March, including how quickly hedges are rolled forward and how much risk dealers are willing to wear.
So the practical takeaway is that the headline numbers aren't the story on their own.
The $8.65B notional on Mar. 27 and the $90,000 max pain marker tell you there's a crowded event on the calendar, but the mechanism worth watching is where the crowd is standing by strike and how hedging pressure behaves as time shrinks.
The path to March runs through February, when positions can be reshuffled, and it stretches toward June, where longer-dated size can shape how the market carries risk.
None of this replaces macro, flows, or fundamentals, and it doesn't need to. It's a layer of explanation for why Bitcoin can look oddly well-behaved.
When the options stack is this large, you can often see the outlines of the next pressure point in advance, as long as you treat max pain as a rough signpost and focus instead on the crowding that can make price feel sticky in one moment and surprisingly slippery in the next.
#BTC #bitcoin #TrendingTopic
$BTC

#Bitcoin has officially lost its short-term structure, and the market is now trading in liquidity-seeking mode.

After failing to hold the rising trendline, price accelerated downward, slicing through intermediate supports with little reaction. That kind of move usually signals forced selling rather than organic distribution.

From a technical standpoint, the $60K–$55K region stands out as the most important support zone:

• It aligns with a previous high-timeframe demand area

• It’s where strong buying reactions occurred in the past

• It sits below the obvious stop-loss clusters, making it a natural liquidity target

The sharp sell-off into this area increases the probability of a local bottom forming — not because price “must” bounce, but because this is where risk begins to compress.

If buyers are serious, this zone should at least produce:
• A relief bounce

• Volatility contraction

• Or a base-building structure

Failure to hold $55K would invalidate the idea and open the door for deeper levels. Until then, this zone remains the line between continuation and further downside.

Markets don’t bottom on good news.

They bottom when selling exhausts.

And structurally, this is where that process starts.
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