BTC remains below the 72K-70K zone, and this resistance level has suppressed the price over the past few days. This is also the first area where we have taken profits on our spot positions. Looking ahead, I expect to regain this zone, which will open the path to move at least into the 70Ks(, between the recent low) of April 25 and the midpoint, to profit from our spot holdings. Ideally, this aligns with the movement of the USDT dominance at the cycle lows.

On the other hand, a move that proves new market exposure will be a pullback to the recent lows, as low as the 60Ks, with BTC potentially forming several bullish divergences on higher timeframes in the 63K-57K zone, laying a solid foundation for a stronger short-term rebound. If that happens, we will attempt to open new spot positions. If so, we have already taken profits on BTC once and twice on ETH.
From a broader trend perspective, we will focus on where BTC will form the next lower high within its macro trend, similar to the recent 98K situation. We are currently understanding the boundaries of this new macro trend. BTC is currently below the 21EMA and 50SMA on multiple higher timeframes, making these targets easier in the short term. However, this will depend on how strong the new downtrend is. Typically, in each macro downtrend over the past few years, BTC tests these moving averages after losing them, and we have already experienced such a retest as BTC approached the 100K zone. #Is the current market bottoming or just watching?