Behold, the final stand of the bullish knights is upon us! The mighty Bitcoin, once a stallion of valor, hath plummeted to the humble sum of $70,000 on this fateful Thursday. Lo, the peak of the 2021 bull market, a mere $69,000, doth now serve as the last bastion of hope. Should this fortress fall, a bear market of epic proportions may ensue. Pray tell, how deep shall this chasm go?
Can $70,000 Stay the Hand of Doom?
The 4-hour chart, a tapestry of woe, revealeth the swift descent of $BTC once it broke free from its bearish flag. In but a week, the price hath tumbled 20%, a loss of $18,000! Alas, the falling wedge trendlines, like weary sentinels, stretch forth, offering feeble resistance. The upper trendline, nigh unto the current price, doth join forces with the horizontal support line. Yet, with such dire momentum, can aught halt this downward march?
The falling wedge, though hopeful, doth but whisper promises of aid. Oversold, sayest thou? A bounce, perchance, but will it but tease the bulls ere plunging anew toward $69,000?
Market Sentiment: A Comedy of Fear
The Fear and Greed Index, that fickle barometer of souls, lieth in the realm of ‘Extreme Fear’ with a score of 12. Lo, in the past three moons, a score of 10 was the nadir. Since its inception in 2018, rarely hath it sunk lower. A tragedy, or so it seemeth, yet doth it not amuse thee, dear reader?
A Bounce, Thou Sayest? Pray, Let It Be So!
The daily chart, a canvas of despair, yet holdeth a glimmer of hope. The bull market’s support line, a stalwart rock, lieth just below. The falling wedge, too, doth offer its meager aid. Oversold, indeed! A bounce, a decent probability, thou sayest? Yet, history doth mock us-will this bounce but prelude another plunge?
$60,000 or $53,000: The Stages of This Farce
The weekly chart, a sage of wisdom, doth foretell the path should $69,000 fail. Behold, the 200-week SMA, ascending toward $60,000-a haven for a bounce. Below, the $53,000 horizontal support, the bottom of the 8-month bull flag, awaiteth. A measured move, a 58% correction-enough for a bear market? Pray, let us not jest too soon.
Thus, as Bitcoin doth dance upon the precipice, we ask: Is this a tragedy, or but a comedy of errors? Only time, that cruel jesters, shall tell.
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2026-02-05 13:29