Bitcoin continues to show weakness, with the two major factors being ETF outflows and the situation surrounding Saylor's STRC and MSTR.
ETF demand has weakened over the past few weeks. Last week alone, $1.79 billion was withdrawn from Bitcoin ETFs.

The week is going to really important to watch for two reasons
Bitcoin trading around the key $60k zone despite all the FUD.Bitcoin's weekly candle closed under Feb low ($60k)
Let's go straight to the charts to see what's happening and what we can expect from Bitcoin this week.

The weekly downtrend continues

Bitcoin closed below $60k this week, confirming a new lower low on the weekly chart. That also makes $82k the latest lower high on the weekly.
Keeping it simple: as long as the weekly market structure doesn't change, Bitcoin can continue printing lower highs and lower lows.
There will obviously be plenty of rallies and bounces along the way, but they don't change the overall weekly trend unless the market structure shifts.

One thing to keep in mind about Bitcoin: if the market is truly shifting its structure, it shouldn't come back to test the key lows, let alone close below them.
Historically, once Bitcoin has put in a major bottom, it hasn't gone back to retest it.
This weekly close below $60k suggests there could still be more downside ahead.
Where Bitcoin could go?

I know everyone is sharing different downside targets, and I've always said this: as long as the market structure is bearish, you can make a case for lower targets because the trend gives you a reason to.
As long as the weekly structure remains bearish, the next major zone is $52k–55k.
Worst case scenario? $38k–45k.
Should you short based on the weekly chart? I don't think so.
Like I said above, there will likely be multiple bounces along the way, and that's where leverage can get you caught.
Shorting at $60k based on a single weekly close isn't a good idea, in my opinion. The market can always fake people out, and most of you already know that.
I'm not into shorting, but if you are, I'd rather look to short into key resistance than at key support.
BTCUSD (Daily)
Each timeframe shows you a different picture and you should treat it differently.

Like I said earlier, this week will be important to watch because Bitcoin is still trading around the $60k area despite all the FUD.
The bears are struggling to push the price below $59k–60k. If you look closely, every dip into that zone is getting bought up. That's not something to ignore, and it's also why I said you shouldn't blindly short just because one weekly candle closed below $60k.
If Bitcoin reclaims $61k and manages to hold above it, you can expect a relief bounce.
And hold below $59k would mean Bulls have finally gave up on this zone.
It's only the first day of the week, so there's no need to rush into a long or a short.
The daily chart and lower timeframes will be the key ones to watch. Observe first, then execute based on whether the market shows strength or weakness.

That’s pretty much it for this Bitcoin update.
Let me know what do you think, your opinions are Always welcome