2.24 BTC Market Analysis

The market is extremely fearful, 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 have a chance. However, I think it's 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 doesn't 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. For those looking to catch a short-term rebound, support at 55,400 is worth paying attention to. 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.