My $BTC outlook is excactly as predicted. technical analysis.. sheered with onchain metrics
Bitcoin at $69,616. The $70,000 floor is gone.
The daily chart shows a steady grind lower from the May high near $82,000. Each bounce was sold.
Each support level cracked. The $70,000 handle was the last psychological line before the deeper liquidity zones. It has now been breached.
The next magnets are $68,000 and the prior low near $66,000.
Volume is not spiking in panic.
The DXY is above 106. ETF flows turned negative in the last week of May, with $280 million in net outflows across the spot products.
The leveraged long positions that fueled the rally from $60,000 to $82,000 have been flushed. Funding rates are flat to negative. The market is not oversold. It is just heavy.
The trade is straightforward. A bounce toward $70,200โ$70,800 that stalls is a short with a stop above $71,500. Targets are $68,500 and then $66,000.
A long only makes sense at the structural floor. The $66,000 area is the prior swing low and the lower bound of the multi-month range.
A daily candle that shows clear absorption there, with RSI diverging and volume confirming, is the setup. The stop goes below $65,500.
Until then, patience. The trend is down.
The macro is not providing a tailwind. The price action says sellers remain in control.
Where does BTC find its next real bid โ $68,000 or $66,000?
