I flipped bearish on BTC around $91k when we discussed that fake-out above $95k. Since then, I’ve been continuously sharing my thoughts on Bitcoin.

When Bitcoin dropped below $85k, I said that acceptance below this zone wouldn’t be good for the bulls.

Bitcoin is down over 20% since then.

Price is now approaching a key high-timeframe zone. The reason price is failing to bounce is that this move down is being driven by spot selling, not perp liquidations.

A slow bleed to the downside usually ends with a cascade of liquidations, and that’s when price tends to give a strong relief bounce.

That being said, this is a good zone on the chart.