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$BTC Risk appetite continues to weaken, compounded by passive selling pressure from derivatives options settlement, capital fleeing to safety is evident. Yesterday, a large number of long positions across the network were liquidated en masse, short-term bearish momentum was released intensively, directly breaking through the short-term support zone around 60k.
60k is widely recognized by the market as an emotional watershed, with a large amount of positions piled up here. Once it effectively breaks below, it will open up deeper downside space; but at the same time, on-chain whales continue to accumulate bids in the 58,000-60k range, indicating supporting buying power below, so in the short term, it will not experience a one-sided rapid decline, mainly oscillating and bottoming.
The daily moving averages are bearishly aligned, with rebound highs constantly lowering, and the large-cycle adjustment trend is not over yet; short-term 1-hour and 4-hour have entered the oversold zone, with downward momentum gradually exhausted, and there is a need for technical repair.
Overall main strategy: Follow the trend, do not rush to bottom-fish.
Hold short positions: Gradually reduce positions near 60k. For remaining positions, move up stop-loss for defense; if support holds, avoid deep rebounds that eat into profits; once it breaks below 59,500 with volume, positions can be held to look at lower ranges.
As a widely recognized psychological threshold in the market, 60k has accumulated significant positions. If it effectively breaks down, it will open up deeper downside space. However, at the same time, on-chain whales have been continuously accumulating in the 58,000-60k range, indicating underlying support. In the short term, a unilateral rapid decline is unlikely, and the market will primarily consolidate and form a bottom.
On the daily timeframe, moving averages are in a bearish arrangement, with rebound highs consistently lowering. The larger-cycle adjustment trend is not over. On the shorter term, the 1-hour and 4-hour charts have entered oversold territory, with bearish momentum gradually fading, suggesting a need for technical repair.
Overall main strategy: Follow the trend; do not rush to buy the bottom.
Holding short positions: Gradually reduce positions near 60k. For the remaining positions, move the stop-loss upward to protect gains. If support holds, avoid deep rebounds that could erode profits. Once volume breaks below 59,500, you can hold and look toward lower ranges.