⭐ BTC Today's Market Update

Yesterday we mentioned that after Bitcoin broke below 70,500, the market would accelerate downward to the 68,000-65,000 range. The lowest point yesterday was 66,150, which is also the downward target of our previous head and shoulders pattern. The decline has reached this level, with some short-term support. Today, there was a rebound above 67,000, but market sentiment remains weak. Continuous net outflows from ETFs and leveraged long liquidations are the main suppressing factors. The overall structure is still in the recovery phase, not a reversal signal.

The daily chart shows a large volume bearish candle, with the price touching the previous low congestion zone. This decline was accompanied by leveraged long liquidations and institutional selling, so short-term bearish momentum still dominates. The price has formed short-term support at 66,000-67,000, but the 69,000-70,000 zone has shifted from support to resistance, and the moving average system is starting to flatten and press down. If the price cannot hold above 66,000-67,000 this week, it will continue testing the 62,000-63k USD area.

Upper resistance: 67,500-68,000 (short-term resistance), 70,000 (key resistance)
Lower support: 66,000-65,500 (short-term support), 62,000-63k USD (mid-term support)

Strategy: Slightly bearish recovery, some support in the short term, be cautious with longs, continue mainly to short on rallies.