Bitcoin Drops Again. Is It Time To Buy Yet?

Caught between fear and greed, BTC just dropped again this morning, hitting $65k. It’s a move I charted just 4 days ago and without a miss, it’s already playing out like a textbook scenario.

The question on everyone’s lips: is this 65k zone the “bounce” area or another bull trap before a deeper dip?
Traders are split between buying the blood and waiting for a cleaner sweep.

No one can predict exact tops or bottoms, but spotting zones with better risk-reward is the real edge.
Right now, institutions are selling, retail is hesitant, yet volatility might be setting up opportunity. Stay sharp.

Price range: BTC/USDT trades near 65,936 USDT, down 4.68 % in 24h, testing key support between 65,000 – 66,000 USDT. Bollinger Bands narrowing shows high short‑term volatility and potential breakout soon.

Market sentiment: Fear & Greed index at 14, extremely fearful; RSI has cooled to oversold territory. Macro pressure rises from Iran conflict and US rate hike signals.

Long‑short distribution: Long/short ratio around 1.65, elite accounts remain net long (~65 % positioning), but recent whale shorts plus ETF outflows of 171 million USDT weigh on bias.

Capital flow: Net outflow exceeds 60 million USDT daily for three days; funding rate is ‑0.000061, showing short‑dominant derivatives sentiment.

Zone Trade Narrative: Two Tactical Plays at 65k‑Range

📈 Scenario One: Buy‑the‑Dip Rebound. If you believe panic is near exhaustion:

Extreme fear and oversold signals point to a probable technical rebound after liquidation flush.

Key levels: Short‑term base around 65,000 USDT, resistance near 68,500 USDT, breakout zone at 70,000 USDT.

Enter gradually (30–40 % position) within 65,000–65,800 USDT zone once momentum stabilises.

Add above 67,000 USDT if MACD turns positive.

Stop loss below 64,200 USDT to protect capital; aim for 70,500 USDT take‑profit.

📈 Scenario Two: Hold off entries until a Lower Dip . If you are looking for longer term entries, the trend is your friend.

Target levels: For lower entries, wait to hit TP1 or TP2 as marked on my chart above. These are key levels that formed from previous PA and signalled by the pattern on the chart.
These can take a while to be hit, or they can happen sooner (given the Iran war FUD and unpredictability.)

Bitcoin is still looking for a bottom in this bear cycle and we might be in for a few more months of downwards price action. October seems to be my target for bottoming out, and I will update my targets as time goes by.

For now, I want to see how the $50k support will be treated (once we get there) and what appetite will be displayed by the bulls (if any). Sentiment tends to shift quickly when volatility is high, so today’s Fear & Greed index is not an indicator for how price will react over the next few weeks. This needs to be monitored more closely. This is why I have the F&G index embedded on the right menu on this page. Keep an eye on this as well as my upcoming posts where I will update you with my next targets.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. The content of this post reflects solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.

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