3/23 BTC Market Analysis

If the decline stops this week and rebounds to break through 70,000, then the likelihood of following the red route afterward will be high. If the price continues to fall or the rebound is weak, it will increase the probability of the blue route.

The red and blue routes ultimately lead to the same destination; the only difference is whether there is a high point above 76,000 before dropping below 60,000. If the price follows the red route later on, there will still be very good shorting opportunities. I don't believe 60,000 can serve as a bear bottom—it might not even be the bottom for this year. The short-term resistance level remains around 71,000; if the rebound cannot break through it, the price will continue to decline.