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The short term $BTC chart is looking pretty scary right now.
We needed to hold the uptrending support around $72.5K for the bulls to maintain control and keep momentum on their side.
Unfortunately, that level was completely lost, sending price straight down to my target around 70.5K. So far, that level is acting as a key support zone, and we need to see a strong bounce from here if we want any chance of a meaningful short term rally.
If BTC fails to hold this area and breaks below $70K, I believe a move back to the $65K region could happen much sooner than many expect. And if the $65K support is lost as well, the probability of setting a new bear market low increases significantly.
The next few days could be crucial for the direction of the market. 👀