#bitcoin # has now lost another major support level.
$72,000 was an important area for BTC, but the breakdown below it has accelerated the sell-off.
We're now trading around $67,000, with the next major recovery challenge being a reclaim of $72K.
And even if we get that bounce, $76,400 is another important resistance level sitting overhead.
The structure is still making lower highs and lower lows.
I wouldn't be rushing to call a bottom just because we've seen a sharp decline. What matters now is whether buyers can actually reclaim lost levels, rather than simply produce another short-lived bounce.
$BTC
$72,000 was an important area for BTC, but the breakdown below it has accelerated the sell-off.
We're now trading around $67,000, with the next major recovery challenge being a reclaim of $72K.
And even if we get that bounce, $76,400 is another important resistance level sitting overhead.
The structure is still making lower highs and lower lows.
I wouldn't be rushing to call a bottom just because we've seen a sharp decline. What matters now is whether buyers can actually reclaim lost levels, rather than simply produce another short-lived bounce.
$BTC
