BITCOIN IS AT A CRITICAL TURNING POINT WHAT COMES NEXT? 🚨⚠️
If you look at Bitcoin’s daily chart, BTC is already down around 30% from $87K and continues to decline. It’s possible that BTC could reach $64K if it fails to hold the $66K area. The last major support zone is between $62K and $64K.
Although the PPI data wasn’t bad, the market is still continuously dropping despite that.
Many people are now expecting Bitcoin to drop to $20K, $30K, or even $40K. Personally, I think such a massive decline could take time. Anything is possible in this market, but I believe BTC should find support around $62K / $64K and then experience a corrective pump of around 5%–10%.
The reason is simple: the market needs to stabilize before another major move. A corrective pump could also create another opportunity to trap traders. From a technical perspective, this scenario makes sense because after such aggressive drops, markets usually experience corrective movements.
I’m still bearish myself, but what concerns me is that we haven’t seen a proper corrective move yet. The bigger question is: from which price area will Bitcoin bounce and start liquidating short positions?
Another important thing I’m watching is the Bull Market Support Band on the daily and weekly charts. Its position relative to the $62K $64K support zone will be crucial. If Bitcoin approaches this area, I’ll be watching closely to see whether the band acts as resistance or whether BTC can reclaim it and turn it into support. This could help us understand whether the market is preparing for a corrective recovery or another leg down.
Anyway, I’m keeping a close eye on every market movement. Anyone who needs personal guidance can let me know.
#BTCUSD #USPPIMissMayEaseBTCPressure #cryptocurrency
If you look at Bitcoin’s daily chart, BTC is already down around 30% from $87K and continues to decline. It’s possible that BTC could reach $64K if it fails to hold the $66K area. The last major support zone is between $62K and $64K.
Although the PPI data wasn’t bad, the market is still continuously dropping despite that.
Many people are now expecting Bitcoin to drop to $20K, $30K, or even $40K. Personally, I think such a massive decline could take time. Anything is possible in this market, but I believe BTC should find support around $62K / $64K and then experience a corrective pump of around 5%–10%.
The reason is simple: the market needs to stabilize before another major move. A corrective pump could also create another opportunity to trap traders. From a technical perspective, this scenario makes sense because after such aggressive drops, markets usually experience corrective movements.
I’m still bearish myself, but what concerns me is that we haven’t seen a proper corrective move yet. The bigger question is: from which price area will Bitcoin bounce and start liquidating short positions?
Another important thing I’m watching is the Bull Market Support Band on the daily and weekly charts. Its position relative to the $62K $64K support zone will be crucial. If Bitcoin approaches this area, I’ll be watching closely to see whether the band acts as resistance or whether BTC can reclaim it and turn it into support. This could help us understand whether the market is preparing for a corrective recovery or another leg down.
Anyway, I’m keeping a close eye on every market movement. Anyone who needs personal guidance can let me know.
#BTCUSD #USPPIMissMayEaseBTCPressure #cryptocurrency
