$BTC is experiencing a rapid decline, with consecutive bearish candles on the 4-hour chart, and the price has broken below key short-term moving averages. The current negative funding rate indicates bearish market sentiment, but open interest has not seen a significant decline, suggesting that this may not be a pure long liquidation, but rather a selling pressure from major players. The depth of limit orders is extremely thin, and market liquidity is poor, making the price susceptible to drastic fluctuations.
🎯 Direction: No Position
The current price is in the middle of a downward channel, lacking clear left-side reversal signals. The $69000-$68500 area below has been tested multiple times recently and acts as a psychological support zone, as well as a potential demand zone. Before the price shows a clear bottoming candlestick pattern (such as a long lower shadow or bullish engulfing) and effectively stabilizes above $71000 (previous low turning into resistance), it is not advisable to blindly catch the bottom. Patiently wait for signs of buying absorption and selling pressure exhaustion near key support levels before considering right-side entry opportunities.
Trade here 👇$BTC
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