$BTC : Good reaction to the 78.6% retracement level, but it is crucial that the bulls drive the prices back above the intraday high at $59,900. Needless to say that the structure is very fragile and the bullish scenario is on thin ice. Taking out this intraday high would be quite an achievement for buyers. It doesn't change the fact that more lows are likely as long as the price is not forming 5 waves to $70,000+. However, it would represent a significant amount of selling being absorbed. For any upside potential, this level needs to be surpassed.

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