Correction on the way: why is $66,770 a key mark for further downward movement for BTC?

The situation around Bitcoin (BTC) has been tense in the cryptocurrency market in recent days. The price has frozen near a key resistance level at $66,770, which could be the start of a new local correction. In this review, we will look at current trends and possible scenarios for BTC, as well as reasons why it is better to refrain from buying in the near future.

Current market situation

Bitcoin is currently under pressure from a bearish trend, reflecting the negative sentiment of market participants. After a recent rise to important levels, buying activity is weakening, increasing the risk of a breakout of key supports. The $66,770 level is an important mark, where large orders are concentrated, and its breakout could trigger a wave of sell-offs.

Possible development scenarios

1. Breakout of $66,770 and the beginning of a correction. If the BTC price falls below this mark, then we should expect a further decline to the $62,600-$64,400 zone. This area is a strong support, and a breakout of $66,770 can trigger a significant correction. The emergence of large sales during this period can aggravate the decline.

2. Rebound from $66,770. If the level holds, a short-term rebound is possible, but further upward movement remains questionable due to the lack of significant buying volume. This could be a false signal for growth, especially against the background of the general market sentiment.

Why You Shouldn't Buy Now

The current market situation is unfavorable for entering long positions for several reasons:

No clear signs of a buyback. Despite recent pullbacks, buyer activity remains low. This indicates that major market participants are not yet ready to support the price at these levels.

High risks of correction. Given the weak dynamics and key technical levels, entering the market may be risky, especially in anticipation of a possible fall to $62,600-$64,400.

Conclusion

Trading in such an uncertain situation requires increased attention and discipline. It is necessary to closely monitor the $66,770 level, as its breakout may be the beginning of a corrective movement. At the moment, it is wiser to refrain from buying and wait for clearer signals from the market.