BTC trading along downward channels
Regardless of whether the retracement from the recent drop has concluded, BTC remains in a daily downtrend, trading along the green channels. The 62k level is the 0.618 retracement from the low, so it's not surprising if we see a reversal here again.
While the breakout should have established the 58k zone as a support level, I expect it to eventually break down.
The chart clearly shows significant support in the 38-42k range. Although it's less likely that the price will drop below this level, if it happens, we may need to consider revisiting the familiar sub-30k levels.
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