$BTC
Current market outlook:
The price has fallen and swept the levels below 58k,
but some liquidity has not yet been cleared. If we return to 58k again, I’m very certain we will quickly clear all of it.
After 58k, the only strong support level I can see
is at 55k.
This means that if we break below 58k again, the sweep could extend down to the 55k level.
We are currently at a critical level, where price may be rejected here and move lower.
However, if we can’t bounce back from here, the next area I see is around 62k.
In my view, price will test below the 58k level again, trap more sellers, and then bring a true relief bounce.
I used the term “relief bounce” because I don’t think we’ve truly bottomed out. I believe we will only see a modest rebound,
then return to the low 50k area—that’s when the real bottom will form. In extreme cases, it could sweep the 49k lower-liquidity wick area to clear over-leveraged longs,
and then kick off the bull market.
Overall, I believe we will move lower again before the bullish July run.
$BTC
Current market outlook:
The price has fallen and swept the levels below 58k,
but some liquidity has not yet been cleared. If we return to 58k again, I’m very certain we will quickly clear all of it.
After 58k, the only strong support level I can see
is at 55k.
This means that if we break below 58k again, the sweep could extend down to the 55k level.
We are currently at a critical level, where price may be rejected here and move lower.
However, if we can’t bounce back from here, the next area I see is around 62k.
In my view, price will test below the 58k level again, trap more sellers, and then bring a true relief bounce.
I used the term “relief bounce” because I don’t think we’ve truly bottomed out. I believe we will only see a modest rebound,
then return to the low 50k area—that’s when the real bottom will form. In extreme cases, it could sweep the 49k lower-liquidity wick area to clear over-leveraged longs,
and then kick off the bull market.
Overall, I believe we will move lower again before the bullish July run.
$BTC
