Bitcoin has plunged below $67,000 as uncertainty around Strategy (NASDAQ:MSTR) continues to instill fear in the market.
Notable Developments:
Trader Notes:
Technical analyst CryptoCon warned Bitcoin’s recent bear flag breakdown could trigger a larger downside move.
According to the analyst the next major support zone sits between $38,000 and $43,000. If that area fails, stronger support emerges near $25,000 to $30,000. The broader halving cycle theory still points toward a final bottom later this year
CryptoCon also cautioned traders against prematurely calling market bottoms during short-term rebounds.
Trader KillaXBT said Bitcoin likely faces another 3-4 months of downside pressure before a durable bottom forms.
Despite the bearish outlook, the trader said he continues accumulating spot Bitcoin at current levels.
KillaXBT also revealed plans to close the remaining 25% of a swing short position originally opened near $77,800 once Bitcoin reaches approximately $65,000.
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