BTC dips to 59K for the third time; repeated testing of support will gradually fail. This is not the bottom, and it will likely break further down.



In the 4-hour chart, a large bearish candle with no upper wick first appeared, followed by a bearish candle with a long lower wick. Volume is balanced, decline is slowing. There is bottom-fishing capital at 59K-60K, providing short-term support.

Two resistance levels above: 62.2K and 63.6K. If it holds above 63.6K, a W-bottom pattern may form, so there is no need to be overly bearish.

Previously suggested that limit orders can be placed in batches at 59K-60K with defensive stops. First observe the breakout at 62.2K; if it fails to hold above 62.2K, it is only defined as oversold repair, and the downside risk remains. $BTC
BTC-1.86%
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