$BTC The Bear Trap is Closing – Institutional sell pressure is suffocating every minor relief bounce, and the rejection at the $68k level confirms that the path of least resistance remains a steep dive into deeper liquidity.
Short $BTC
Entry: 67,800 – 68,400
SL: 71,100
TP1: 65,100
TP2: 63,000
TP3: 60,000
The tape is flashing signs of extreme buyer exhaustion after the brutal 24% year-to-date decline. Every attempt to reclaim the $70k handle is being met with a wall of overhead supply, leaving the current structure heavy and primed for a "mean reversion" flush as retail stops get hunted.
Technicals are confirming a sustained bearish regime. The price is currently pinned under the MA(7) at 68,227.57 and MA(25) at 68,425.19, signaling that short-term trend resistance is holding firm. While the RSI(6) at 24.66 indicates oversold conditions on the 1h timeframe, the lack of an impulsive reversal suggest we are in a "dragging" phase where the price bleeds lower into the MA(99) at 68,930.15 rejection zone. A breakdown below the psychological $67k support will likely trigger a rapid liquidation event toward the critical $60,000 floor.