$BTC The downside risk remains in effect until a reversal pattern forms – there is no such pattern yet.

$BTC - the price fell into the gap zone formed by the 2025 low (74.508) and the 2021 high (69.000). The price rebounded before reaching the midpoint (71.762), which can be interpreted as a mass closing of longs at stops.
On Daily chart you can see projection of last pullback Dec25-Jan26 down.

In case of a possible continuation of the downward movement, it is necessary to estimate possible levels. For this, I open the annual chart.

If we measure the upper tail of the 2021 candle on the annual chart, we can see that the lower boundary of the December-January 2026 pullback projection falls exactly at 25% (63.304.23).
Therefore, it is worth paying attention to the levels:
71,762 - the middle of the gap from the 2025 low to the 2021 high
69,000 - the high 2021
63,304.23 - 25% of the 2021 candle's upper tail and the lower boundary of projection
57,772.43 - 62% of the entire range from ATL to ATH
57,608.47 - 50% of the 2021 upper tail
I don't want to make the picture any darker at this point; let's see how things unfold

{spot}(BTCUSDT)
{future}(BTCUSDT)