$BTC /USDT on the 1D timeframe is clearly in a strong downtrend, dropping to 66,044 after rejecting near the 97,900 area. Price has broken multiple support levels and recently wicked down toward 60,000, which is now acting as a key psychological and structural support. The Parabolic SAR dots remain above price, confirming bearish momentum, while the recent bounce from 60K shows short-term relief but not a confirmed trend reversal. Volume spiked heavily on the sharp sell-off, indicating panic selling or forced liquidations, followed by decreasing volume on the bounce — a sign that buyers are still cautious.

As long as $BTC trades below the 74,000–75,000 resistance zone, the overall structure remains bearish with risk of another retest of 60,000. A breakdown below 60K could open the door toward the 58K area or lower. For bulls to regain control, price needs to reclaim 74K and build strength with rising volume. Until then, rallies may be viewed as relief bounces within a broader downtrend.