BTC is currently around $85,673, and price is now testing the major ascending resistance around $86,000 to $87,000. After such a strong move from the $62k to $63k area, this is where I’m watching closely for sellers to step back in.
If BTC fails to break and hold above $87,000, we could see a rejection back toward $80,000 to $79,000 first.
If that support fails, then I’ll be watching the $74,000 to $71,000 area. This is much more important because losing this zone would start making the current breakout look weak and could open the door for a deeper correction.
The bigger bearish scenario comes into play if BTC eventually loses $66,000 to $67,000 again. That would put price back below the major breakout structure and could expose $62,000 to $60,000, with the previous deeper downside scenario coming back into consideration.