Just caught this from a derivatives market analyst during the Hong Kong conference - Bitcoin's technical picture is pretty grim right now unless we see a solid push back above $85k. We're currently hovering around $71.7k, which is roughly 45% below the October peak, and honestly the momentum looks weak.

The way they see it, if BTC can't hold $60k as support on a daily close, we could be looking at a drop to the 200-week moving average sitting near $58k. That level has historically been where major bear markets bottom out since 2015, so a lot of traders are watching that $58k-$60k zone pretty carefully right now. It's the kind of level where you typically see huge buy orders stacked up.

Right now we're trading in that $60k-$70k range for about a week, and it's not exactly inspiring confidence. The path of least resistance is technically still pointing lower until we reclaim that $85k zone. That would signal buyers have actually taken control and soaked up all the selling pressure. Until then, the longer-term chart just looks broken to me.