$BTC Technical Analysis:

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- Key support: 61,000. Higher time frames hold, lower time frames bearish.

- Hope for bull market despite recent bearish trend.

- Established trend likely to persist; bearish trend on shorter time frames.

- Decreasing open interest signals bearish sentiment.

- Uncertainty due to upcoming Bitcoin Hash Ribbons event.

- Bitcoin likely to fall with $58,000 as next major support.

- Potential bullish reversal if open interest rallies, possibly within days.

- Monitor open interest for quick shifts to bullish sentiment.