Today's Market Analysis
The Bitcoin price has been tanking hard these past few days, showing almost no significant pullbacks. It's even ignored the daily level support at 65000 and pierced right through it. However, looking at the funding rates, it makes sense.

Currently, the daily level has broken below 65000, and the downtrend is becoming increasingly aggressive. Since the support at 65000 has been breached, the market is likely to continue its descent. If you analyze the previous bull run on the daily chart, it revolved around the 65000 mark for bounces. So, now that we've dropped back to 65000, I can't say where the market will fall to next, but breaking below 60000 is highly probable (though we might see some pullbacks along the way). This is already my conservative bearish target. If I calculate based on the daily level breaking 65000, the drop could be deeper than you might expect.

As long as we can't reclaim the 65000 level on the hourly charts, the market will remain in a downtrend.

Key support levels on the daily are at 62400 and 60000. Since the daily has broken below 65000, it's highly likely we will test 63000 and 62400, $BTC

This is for reference only and does not constitute any investment advice