Technical Market Update: Bitcoin ($BTC)
As anticipated, Bitcoin’s price action followed the downward path to a T once it broke below its ascending trendline.
The initial $72,000–$74,000 buy liquidity area was completely wiped out. Consequently, Bitcoin has slid underneath the critical $70,000 threshold—a scenario explicitly cautioned against in our prior analysis.
This movement perfectly illustrates why relying on objective market mechanics is always superior to trading on sentiment.
What to Watch Next
Right now, the focus shifts entirely to the macro channel's lower boundary. Should bulls fail to step in and drive a recovery here, the odds shift heavily in favor of a much sharper correction.
The Takeaway: Bitcoin is simply executing a textbook technical correction based on its broken market structure.#