In a recent update from COINOTAG News, trader Eugene Ng Ah Sio provided insights on Bitcoin’s current market trajectory. He observed that Bitcoin is projected to sustain a **downtrend** in the high timeframe. While there is a diminishing chance that Bitcoin has established a bottom around **$76,000**, with a possible **double bottom** forming between **$74,000** and **$76,000**, key market indicators suggest otherwise. Presently, the market lacks sufficient **panic selling** necessary for a thorough correction following a prolonged expansion phase.
Analyzing the market structure reveals that Bitcoin is currently testing the crucial **holding cost price** of **$66,000**, with a breach of this **psychological barrier** appearing imminent. Ng highlighted that the breakdown of the **uptrend** across all timeframes positions **$75,000** as a critical support level. Moreover, he noted the interconnectedness of the crypto and stock markets, implying that figures like Trump, Bessent, or Powell are unlikely to catalyze a market turnaround in the short term. Should tonight’s PPI data yield favorable results, traders may contemplate shorting in the **$80,000** range.