Looking at the last 60 days on the daily chart, it's clear to me that BTC is in a downtrend.
Since the ATH in November, we've seen a succession of lower highs and lower lows.
There is significant support at $35k, but I find all the bullish takes on the crypto market to be clouded with hopium. When I look at the data over the past 2 months, we are currently at 54% of the ATH of $69043 from 10 November. I could allow for some extra correction after an all-time high, but this is a 46% drop, and it's been steady.
If we close above the descending trendline, I would be excited to see a breakout - but for the near term, I'm expecting prices in BTC (and by extension, altcoins as well) to decline.
Since the ATH in November, we've seen a succession of lower highs and lower lows.
There is significant support at $35k, but I find all the bullish takes on the crypto market to be clouded with hopium. When I look at the data over the past 2 months, we are currently at 54% of the ATH of $69043 from 10 November. I could allow for some extra correction after an all-time high, but this is a 46% drop, and it's been steady.
If we close above the descending trendline, I would be excited to see a breakout - but for the near term, I'm expecting prices in BTC (and by extension, altcoins as well) to decline.