This video is for cryptocurrency traders and investors interested in Bitcoin's short-term price movements and technical analysis.
Bitcoin's fall may not be over as it seeks a solid support zone. Liquidity for long positions was targeted.
Bitcoin's price stalled around $66,930. Bearish signals emerged, including a breakdown below $65,615.
The $64,525 support zone failed to hold. Initial buying pressure was rejected, leading to further declines.
A clear breakdown occurred below $63,855. Consolidation and rejections confirmed the bearish momentum.
A rapid, aggressive drop occurred, liquidating many long positions. This move targeted significant liquidity.
The sharp bounce after the aggressive sell-off might indicate a trap. A continued drop to $61,757 was expected.
Fibonacci levels are key. A bearish signal at the 38.2% retracement could lead to $61,757.
Breaking and consolidating above the downtrend line would confirm strength and a potential trend change.
Liquidity maps show decreasing liquidity, suggesting fewer people expect Bitcoin to rise, making a rise more probable.