Crypto market on correction: BTC correcting, 51 assets entered downtrend

The cryptocurrency market is experiencing a correction period, with BTC continuing to test key support levels. The current Bitcoin price is $70,570, higher than yesterday’s levels, but movement remains volatile and uncertain. Against this backdrop, a major event occurred: over the past hour, 51 assets from the TOP-200 shifted into a stable downtrend on the hourly timeframe. This includes both BTC and ETH, indicating a systemic reassessment of risks in the crypto market.

Technical Picture of BTC: Searching for the Bottom

Analysis shows that BTC is declining, almost completely absorbing yesterday’s upward impulse. On 10- and 15-minute timeframes, two strong signals of a potential local minimum are visible, but smaller timeframes have not yet indicated a clear reversal from sustained downtrends.

The main target levels of decline are $66,313 (already nearly reached) and $65,599. A critical target zone lies between $65,305 and $66,201, which also contains an important liquidity zone and a horizontal support level at $65,641. Around this area runs a trend support from the day’s high.

Multi-Frame Convergence and Approach to the Key Zone

An interesting point: uptrends on several timeframes (3-hour, 4-hour, 5-hour, and 8-hour) are roughly aligned—within the range of $65,259 to $65,641. If the price enters this zone and the uptrend on the 3-hour timeframe does not break, a solid support should form there, potentially serving as a good entry point for adding long positions.

Parallel Movements and Correlations

Notably, gold is falling along with BTC, maintaining its historical correlation during risk reappraisal periods. The gold position, which recently showed returns of about +100%, has now approached breakeven and is currently around +20%, reflecting overall volatility in global markets.

Strategic Positioning in Range-Bound Conditions

The strategy focuses on capturing impulsive moves outside the ranges, but the crypto market is currently holding the price within a sideways corridor, creating emotional volatility for traders. Under current conditions, it’s advisable either to stick to the initial plan or temporarily exit the market. The likelihood of decline has already been factored in, and additional buys are set at the level of a potential breakdown of the uptrend on the 3-hour timeframe, which should enable long-term risk management amid further crypto market movements.