$BTC | Relief Bounce After Sharp Sell-Off
Following a steep decline from the 97.9K top, Bitcoin found strong buyer support in the 60K demand zone, triggering a fast rebound toward 70K. This move is currently viewed as a relief bounce rather than a confirmed trend reversal—structure remains weak, and higher levels must be reclaimed for bulls to regain control.
Bullish Scenario (If support holds):
· Entry Zone: 68,500 – 71,000
· Targets: 74,500 → 79,000 → 85,000
· Stop Loss: 62,500
Bearish Scenario (If rejection occurs):
· Entry Zone: 73,000 – 75,000 (on rejection)
· Targets: 66,000 → 62,000 → 58,000
· Stop Loss: 80,500
Bias: Neutral to cautiously bullish above 68K, bearish below 65K.
Key Levels to Watch:
· Immediate Support: 68,000 – 70,000
· Resistance Overhead: 73,000 – 75,000
· Breakdown Risk: Loss of 65,000
Strategy:
Wait for clear structure confirmation before committing. Avoid chasing the bounce; prefer pullback entries with defined risk. The market is in a decision phase—trade reactively, not predictively.
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