$BTC It has officially broken below 70K. This drop has been even more brutal than I expected…

From last night into today, BTC sold off relentlessly, hitting a low near 67.4K. It was down nearly 6% over 24 hours, and only then did a slight rebound emerge

On the macro front, expectations that the Fed will raise rates again are growing, the U.S. tech sector is also under pressure, and continued ETF outflows have significantly worsened liquidity conditions for risk assets

After 70K gave way, large numbers of leveraged longs were liquidated, further amplifying the decline

Looking at the charts, I think the 70K level is now the most important one to watch:

Previous support has been breached. Whether a rebound can reclaim and hold above 70K will determine whether this selloff is a liquidity-driven capitulation or a continuation of a new downtrend

A technical rebound after a string of declines is normal, but until the price regains and holds above 70K on the 4H timeframe, I’d rather view any bounce as a recovery within a bearish trend

There’s no need to rush into buying the dip here. Let the market prove that buyers are still around first