To summarize: Currently, the BTC bears continue to increase their positions while the spot market is being hammered. After the US stock market closes on Friday, a sudden drop is expected, with open interest reaching a new high, but bottom-fishing bulls have not exited the market.
Technically, there is a theoretical rebound demand at 83,000 (0.382 Fibonacci retracement level), with support levels at 80,000, 75,000, and 70,000. However, the decline has exceeded expectations, and the possibility of another sudden drop cannot be ruled out.
The weekend market is likely to experience a volatile adjustment, with little chance of major fluctuations. At this stage, blindly bottom-fishing is meaningless; the bears will still dominate, and the overall sentiment is bearish, making a cautious wait the preferred approach.
BTCUSDT
Perp
92,228.8
+2.28%
