This update will be very quick and short because there isn’t much to discuss. Last week, we talked about how Bitcoin broke below the 98k zone, which means we broke below the weekly bullish structure, and we discussed that as long as the market is below that level, the bears will remain strong.

After that, what happened was that the market almost retested the 80k level last week. Now, let’s see what we can expect next from the price, and let’s dig into the charts.
BTCUSDT (Weekly)

The 75k to 84k zone for BTC is a demand zone, and it’s also a monthly zone. However, we won’t just focus on the zone; we’ll pay more attention to the structure, as we have been. When the 107k level broke, i said that it needed to reclaim 107k. Similarly, when the 98k level broke, i said that it needed to reclaim 98k. So, we’ll rely on confirmations as always, not just the zone. Yes, it’s a good zone, and it can provide a bounce, but when we look at the structure, it’s bearish on the weekly, and it has been bearish even last week. So, as long as BTC remains below 98k, there’s not much hope for a new all-time high or a significant upward move. Below 98k, there will be some short-term bounces and so forth, but for confirmation and for expecting a bigger move let’s say toward all-time highs and beyond we really need to reclaim the 98k to 100k zone on the weekly chart.
BTCUSD (Daily)

If we talk about Bitcoin’s daily chart, if you’ve been following my updates, you know that whenever we’ve discussed the daily chart, we’ve highlighted that it’s been in a clear downtrend since 116k, and it remains in that downtrend.
That means we don't have any bullish setup on the daily timeframe either.
Bitcoin Bounce Play

As we discussed earlier, below 98k we’re bearish, but there will be some bounces in between. If we look at Bitcoin’s daily chart, it dumped from 107k down to 80k, and during that entire move, there wasn’t really a significant bounce. That’s about a 24% drop for Bitcoin, which is significant.
I think the bears are now quite comfortable with their lower targets, and there’s no doubt that they’ve been correct . But now that we’ve seen this dump from 107k to 80k, I do think we’re due for a bounce. So I think we’ll see some relief this week, or maybe by the end of the month. We might see some short-sellers taking profit, which would likely lead to a bounce. As long as Bitcoin holds the 83k to 85k range on a daily closing basis, I think we’ll see a bounce towards around 90k, potentially even up to 93k.
If price fails to hold the zone, it will invalidate the bounce idea.

Bear in mind if we get a move up it will still not change anything as long as we are trading below $98k-100k.