Bitcoin's Third Wave Decline: Key Support Level at $64,300
The trend of Bitcoin (BTC) has been firmly downward since its high at $66,900. Lower highs and lower lows are a clear indication that the price is in a downtrend. The market's movement can be seen as the price making lower highs: from $66,900 to around $65,500 to $65,000 area. Lower lows: from $66,000 to $64,000 to around $63,200.
The third wave of decline in the 4-hour trend analysis is confirmed, and the key support level to watch is $64,300. This level serves as a short-term dividing line between bulls and bears. If the price falls below this level, it signals that the third wave decline has officially started.
According to Lao Jin's viewpoint, BTC is not just experiencing a pullback but undergoing a complete high-low point transition. The focus now is on waiting for market confirmation rather than guessing the bottom.