Bitcoin’s Crash Has Broken Below A 4-Month Support, But There’s Still One More Play Left
Summary
Bitcoin has fallen into a steep downtrend after breaking below a key four-month support level near $70,000. It dropped more than 8% in a day, then slipped below $63,000, with bearish sentiment and volatility still driving weakness. A prior CME gap in the $74,000–$81,000 range was already filled, removing one near-term target. The expected near-term path is a brief bounce to around $71,000–$72,000, followed by another decline toward $65,000–$63,000. The next major move could be a sweep below $60,000, with a possible bottom near $55,000. The outlook is for continued bearish pressure rather than a new bull run, with the current setup described as a potential bull trap.
