Bitcoin is currently in a downtrend.
The price level from $123,504 to $107,472 previously acted as a supply zone (or selling zone). The price consolidated within this range for about 5 months before eventually breaking down, triggering a strong downward impulse. Now, this level has flipped into significant resistance and is the primary candidate for a retest.
The next major level to consider for a potential multi-month reversal is the demand zone (or buy zone) between $61,223 and $53,754. This range previously served as the origin of a powerful upward move that broke through the historic $100,000 level.
There are also intermediate levels at $71,340 and $68,283, which formed part of a broader 7-month consolidation phase before the historic rally that ultimately broke the all-time high (ATH). These could be considered as potential reversal candidates, but I am more inclined toward the demand zone around $53,000–$61,000.
I plan to monitor and trade reactions from all the levels mentioned above.
