bitcoin:native
One bounce after a 30% drop and the bottom callers are back.
Same story all cycle.
All we’re seeing here is a bear pennant. A counter-trend consolidation within a broader downtrend.
When the chart flagpoles from $83K to $59K in a matter of days, the least you should expect is a counter-trend bounce.
There are only two levels that matter in deciding whether the $59K sweep happens sooner rather than later.
$64K $66K.
$64K is the current compound pivot. A break there would clear both the pennant and horizontal resistance which would give price a short-term boost.
Then BTC needs to reclaim $66K, the former macro range support which now acts as the key resistance.
Until both are taken, the path of least resistance is still a sweep of the $59K low and continuation deeper into the $50K range.