This wave first rebounded along the channel, testing the key level of $78,200, but failed to hold, and was then directly crushed down. Now it is very clear that the price has broken below the channel, but there are still many bulls bottom-fishing below, which is generally not a good sign.


In the short term, we must first hold the $77,500 level to have a chance to push towards the liquidity zone above $79,000. Otherwise, it will just be a weak rebound.
And I see a typical sentiment point here: many people are waiting for $80,000 to take profits or exit, but this kind of consensus expectation should be approached with caution.
Looking at a longer cycle, the real key level is still around $70,500, which I have been emphasizing before; this must be closely watched. $BTC
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