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Bitcoin is now below $61,000.
A few hours ago we were talking about whether $62,200 could hold.
It didn't.
Then we were talking about whether buyers could reclaim it.
They couldn't.
At some point you have to stop arguing with the chart.
The other thing worth paying attention to is the deep liquidity sitting below $60,000.
As we've been discussing in the liquidation heatmaps, there's a significant cluster building around the $60,000 level.
Markets are naturally drawn towards liquidity, and right now that is one of the largest targets on the board.
If $60,000 starts getting tested, then the $59,000 region quickly comes into focus.
The thing that concerns me is how weak every bounce has been.
Price tries to rally.
Sellers show up.
Price tries again.
Sellers show up again.
Until we see a genuine shift in momentum, I struggle to see why that suddenly changes.
For now, $60,000 and then $59,000 remain the levels I'm watching. 👀

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THE LATE SHORTS ARE GETTING REKT NOW
$1B in leverage gone in 24 hours.
The longs took most of it $780M.
But here's the turn:
Once the forced long selling dried up after the US close, the shorts who piled in at the lows got squeezed.
Don't confuse it for strength. This is mechanical, not new demand.
So please don't tell me you went short...
The market punishes whoever's most crowded.
Today it was both sides.
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I’ve never seen this many “crypto is over” posts in my life.
Everyone forgot about 4 year cycles - which only makes me more confident that cycles still work.
Just buy BTC in Sep-Oct at $40k and hold it for 3 years until $240k+.
It’s really that simple.

Kalshi@Kalshi
JUST IN: Bitcoin down 50% since all-time highs
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#Altcoins
OTHERS are still looking good, even if it doesn’t feel that way.
You have to look at the bigger picture.

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Bitcoin just did exactly what it needed to do.
$62,400 was the key level holding this range together.
So far, buyers have stepped in and defended it.
Now the focus shifts higher.
If Bitcoin can continue holding above $62,400, then the next level we're looking at is $63,500.
That was previous support, and previous support often becomes resistance on the way back up.
If buyers can reclaim that level, then the next major area on the chart sits around $67,241.
For now, the bounce matters.
The question is whether buyers have enough strength to turn it into something bigger.

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#BTC
As it stands, here's what the path for the Summer could look like:
- Monthly Close below the 50Month EMA (purple)
- Bearish post-breakdown retest of the 50 EMA into new resistance (scope for brief upside wicking beyond the EMA on retest)
- August cancellation of relief and additional downside due to $60k weakening as support
$BTC #Bitcoin

Rekt Capital@rektcapital
#BTC At this stage, if June Monthly Closes just like this at $62k then that would confirm the breakdown from the 50-Month EMA So it July turns into a green month, then that could see price turn the 50 EMA into new resistance Then August would cancel out July and send Bitcoin into downside continuation $BTC #Bitcoin
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