Two core scenarios: If the price retraces to the $68,500-$69,000 range (key support level): Signal of stabilization: If strong buying support appears in this range (such as increased trading volume or delta indicator turning positive), it indicates that bulls are in control. This could push BTC upward to break through, forming a new rally.

The initial target is the $72,000 resistance. If successfully broken, the upward space will open, with potential tests of $74,000-$76,000, or even higher (such as the $80,000 "air zone" with thin supply).

This aligns with the current partial bull market structure, with institutional holdings and ETF inflows providing support. Why is this worth watching: This range is a mirror support and volume cluster area, tested multiple times. If stabilized, short-term bullish opportunities are significant, suitable for long entries (recommend setting stop-loss below $68,000).

If unable to stabilize at $68,500-$69,000: Breakdown risk: If the price falls below this support (accompanied by increased selling pressure and abnormal volume), the upward trend may temporarily pause, transitioning into a deeper correction. Potential downside targets are $66,900-$67,000 and lower.

Lower support levels at $65,000-$60,000. This could trigger a bear flag confirmation, with targets at $60,000 or lower, and overall market sentiment turning defensive.

$BTC influencing factors: Macro uncertainties (such as a strengthening US dollar index or geopolitical risks) could amplify downward pressure. If a breakdown is confirmed, it is advisable to reduce positions or switch to a short strategy.