Bitcoin Correction Continues as Cerezo Eyes Crucial Support Zone

Crypto analyst Cedric Cerezo remains bearish on Bitcoin due to its ongoing correction and lack of institutional conviction. The market is approaching a key technical zone, with the 62,200-62,500 dollar zone being a crucial short-term support.

As long as this level holds, a technical rebound can develop, but a break below it could lead to a move towards 58,000-59,000 dollars. Cerezo notes that the daily chart shows a bearish structure, with lower highs and weak rebounds.

Institutional investors are not yet showing strong conviction, as seen in recent ETF flows. While some purchases have been made, they are modest and do not indicate a sustainable return of institutional demand.

On Ondo, the market has reacted strongly to SBI's announcement, leading Cerezo to favor patience over FOMO (fear of missing out). He advises accumulating when the market calms down and prices offer a better risk-reward ratio.