Bitcoin is hanging on the edge of a cliff. This consecutive downward trend not only approaches the longest losing streak since 2018, but the weekly RSI has also dropped back to the lowest levels of the 2022 bear market!!!

Currently, market liquidity is severely compressed, and the battle between bulls and bears has entered a heated phase. Especially worth noting is that mining companies led by Bitdeer are reducing their holdings, which have fallen below the 1,000 coin mark. Even long-term holders who were previously confident are beginning to show signs of wavering, and the market could experience intense volatility at any moment!

The current market looks like a giant powder keg. Mainstream exchanges show that if the price drops below $66,000, the liquidation of long positions could reach as high as $834 million, easily triggering a chain reaction of liquidations!

Although the fear and greed index has fallen into the extreme fear zone at 10, and Bitfinex reports indicate a small amount of funds are trying to increase their holdings, the overall market remains shrouded in cautious sentiment, and the rebound momentum seems somewhat weak.

Industry insiders are highly divided on the future outlook. Key figures like Wang Chun, co-founder of F2Pool, still maintain a bullish stance, but the actions of mining companies and institutions are actually retreating.

For ordinary traders, the current market conditions are no longer suitable for stubbornly holding long-term positions. Instead, swing trading offers a better chance of success. In this extremely fragile environment, all operations must be based on reclaiming key levels and volume confirmation. Avoid blindly entering the market!

Now it's a test of who can hold their nerve! If you want to enter, first watch the $66,000 level. If the price closes firmly above it and buying activity clearly increases, you might consider a small position.

If the price just rises above and then falls back below $66,000, it indicates a false move. Quickly reduce your positions and exit. Don’t fight the market head-on at this moment!!!#Gate广场发帖领五万美金红包 $BTC