BTC is currently around $59,568, and price is still trading below the key recovery levels. As long as BTC cannot reclaim strength, the chart can still continue toward the major support zone around $49,000 to $47,000.
This support zone is very important. If BTC reaches that area, we may see a strong reaction or bounce attempt from there.
But if that zone fails, the correction can get deeper toward $43,000 to $39,000.
For now, the invalidation for this bearish idea is around $82,721. If BTC reclaims that level with strength, then this downside setup becomes weak.
Until then, small bounces can happen, but the bigger picture still looks bearish.
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