BTC IN HORRIFIC ZONE
$BTC is currently holding above the 200 SMA, but in my opinion, this alone is not enough reason to turn bullish.
The $60K zone previously acted as a strong support level, which means BTC may continue ranging around this area for some time before making its next major move.
Overall, the risk of a deeper downside move still remains on the table. The presence of the 200 SMA may keep price fluctuating around current levels, but traders should not mistake this for a confirmed reversal.
A period of consolidation near support does not automatically mean the downtrend is over.
Looking at the 3-Month Liquidation Heatmap, there is still a significant amount of liquidity resting above current price levels, making the market structure highly sensitive to volatility and liquidity grabs.
For now, patience and risk management remain key. Let the market confirm its direction before becoming overly bullish.
This is not financial advice. Always do your own research (DYOR).