The macro picture shifted a bit today. Let me break it down.
Everyone's still bearish on BTC, expecting it to drop below $59k, citing the 50% drop from recent highs and the current price of $59436.01.
The consensus is that ETH will follow suit, given its current price of $1561.76 and the fact that it's already down 5.77% in the past 24 hours.
However, I think people are ignoring the fact that BTC has already found a bottom near $68,000, according to Liquibit Capital's analysis, and that the forced selling has peaked.
I'm taking a contrarian view here, I think BTC could bounce back to $62k, with a potential entry zone around $59k, and a stop-loss at $57k, and take-profit at $65k.
The fact that SOL is still holding strong at $65.05, despite being down 5.41%, and that BNB is only down 4.30% at $549.39, suggests to me that the market is not as bearish as everyone thinks.
I'm cautiously bullish on the market, and I think we could see a rebound soon, especially if the crypto giant finds a way to resolve its regulatory issues in the EU.