2.24 BTC Market Analysis

The market is extremely panicked, and many people are asking whether a reversal is possible at this level. I personally believe that the probability of a reversal at this point is very low. It requires attention to macro events and a relatively strong positive catalyst to be possible. However, I think it is almost impossible at this stage. Currently, Bitcoin is undergoing a monthly-level correction at this position. From various timeframes, the correction has not been completed. When it dropped to 60,000 in early February, I mentioned to everyone to watch the 71,600 level to see if it could hold. If it cannot hold, it will continue downward. The key zone to watch is between 55,400 and 71,600. The next important level to monitor is whether the 63,000 level can form a 4-hour support. If not, it will fluctuate around 55,400. If you want to speculate on a short-term rebound, you can focus on the support at 55,400. In summary, the intraday trend will mainly be oscillating downward with adjustments, with support levels at 63,000, 60,000, and 55,400, and resistance at 66,000.