Bitcoin has fallen from $69,000 to between $66,600 and $67,000 as expected, and is currently retracing to a significant trend line position.

How should we view the subsequent market trend from here?

Bitcoin has dropped from $69,000 to $67,000, reaching the trend line and the 0.236 Fibonacci retracement level.

There is a high probability that this position can hold, forming the so-called '519' bottom, and then there may be a second rally, breaking through the stop-loss level of $69,400.

The upper target for this wave of increase is approximately around $72,000.

If the price falls below $66,600 and remains below this level, it may indicate that the market trend will worsen.

Regardless, this price fluctuation is viewed as a corrective rebound, rather than the start of a major bull market.

Next, the market may anticipate a large-scale washout, falling below $40,000.