Prominent trader: $76,000 is a key support level for Bitcoin, remains confident the bull market will continue.
1 hours ago
Well-known trader Doctor Profit wrote that although Bitcoin has fallen below the daily EMA50 and MA50 supports in the $80,000 to $81,000 range following the latest black swan event, it remains within its bullish fractal structure. He emphasized that $76,000 is a critical support level, as a breakout above this area previously confirmed the start of the bull market. A breach of $76,000 would severely undermine bullish sentiment and raise the risk of a drop to $67,000 to $69,000. As long as $76,000 holds, he sees no immediate need for panic. The trader frames the recent price action as a large-scale washout that triggered massive liquidations and panic selling, while maintaining his belief that the bull market will persist. He is still holding long positions opened at $80,400 and all spot buys made at $60,000. If Bitcoin breaks below $76,000, he will acknowledge his wrong long bet in the $80,000 to $81,000 range, but will not turn bearish, instead viewing the current movement as a consolidation phase ahead of the next rally.
This week, U.S. spot Bitcoin ETFs recorded a net outflow of $202.4 million, while IBIT alone saw a net inflow of $176.9 million.
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