Following the fall of the bitcoin by $60,000, the sales pressure on the spot and derivatives markets rose simultaneously. Foreign media analysis suggests that, while the downing of this round perpetuates a vulnerable structure, it may also mean that the current bear city is nearing its end, but the market may still experience a deeper retreat before it becomes truly stable.

Sold pressure increased after falling by $60,000.

The article mentions that after the BTC failed to maintain the US$ 60,000 support, there was a chain reaction in the market, with multiple data weakening.

  • Over $320 million in multi-head settlement
  • Present bitcoin ETF net one-day outflows over $180 million
  • Bitcoin's open contract dropped from $34.8 billion to $32.9 billion

In the author ' s view, this indicates that leveraged funds are slowing down rapidly and that the risk preferences of traders are decreasing. At the same time, the return to neutrality of financial rates also reflects a weakening of the market ' s willingness to continue doing more.

Institutional exit and downward pressure on target prices

In addition to the weak technical aspects, the article attributed the recent decline to negative signals at the institutional level. It was mentioned that Belet had been accused of selling more than $200 million in bitcoin, while the flag had lowered the target price of bitcoin from $1.12 million to $82,000 and synchronized the downwards of the ETF inflows.

The combination of these factors leads to a weakening of the market ' s judgement as to the capacity to carry the new purchase. Bitcoin had not been able to re-establish itself in the vicinity of $6.35 million, and the price structure continued to be at a lower level, bringing back the $5.33 million to $5.44 million.

It says there's still a risk of re-examination.

According to external sources, the current trend is similar to the post-2022 bear city. At that time, 50 per cent of the weekly average was below the 100-week average, with RSI entering vulnerable areas, and the price fell by 200-week average, after which Bitcoin experienced another round of about 26 per cent of the fall.

As judged by the article, the current 50-week average is also close to a 100-week average, with RSI down to 32, while the price of bitcoin is below the 200-week average of approximately $6.26 million. The author therefore believes that the BTC short line may have rebounded to $64,000 to $6.55 million in order to gauge the supporting areas that were previously compromised.

If the area cannot be re-established and instead is subject to new repression, prices may still be further downped between $47,000 and $50,000. The article views the area as a potential final round of centralized sales, after which the market could enter a clearer rehabilitation phase.