Market Outlook

After being resisted at 71800, the price continued to decline, and 67300 did not form support.
It is still the second day of continuous decline after the resistance at 71800, as we pointed out the day before yesterday. Currently, Bitcoin is around 66700, breaking below the support level at 67300 that we mentioned.
I attempted to go long around 697, but with a narrow stop-loss at 69300, I was stopped out. After breaking below 69, I did not take any action and have been observing since then, avoiding the loss from an early long position.
Although the US stock market is shaky (yesterday’s SPX closed below 6500), Bitcoin’s major support structure has not been broken; therefore, Bitcoin is relatively better off and still in a large consolidation zone.
Furthermore, if a breakdown is to occur here, the rebound from 67300 to 72000 would be too large and not consistent with a downward trend.
Revisiting the March 2022 script, the rebound duration should be over 60 days, but currently, it has been 48 days.
In summary, I still do not believe there is an immediate breakdown here; I lean towards expecting a rebound within the lower range.
The key support levels are currently at 65200 and 63000, which are quite close. A break below 65200 but not below 63000, followed by a recovery, is also a reasonable scenario.
I am considering going long within this lower range.
If the price breaks below 65200 without an early rebound, then I will just hold the spot position without action.
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