Bitcoin has experienced its second-largest liquidation event since October, and the current chart structure continues to support a bearish outlook.
In this video, I explain why a move toward $39,000 remains a realistic possibility from an Elliott Wave perspective, how the 100% Fibonacci extension target is calculated, and why the recent rally into the $82K-$83K resistance zone may have completed a larger B-wave correction.
We also discuss the key alternative scenarios, including the possibility of a larger B-wave extension and the risk that Bitcoin may already be accelerating lower in a third wave decline. The next bounce will be critical, as its structure could reveal whether the market is preparing for another leg down or a larger corrective rally.
Key levels covered include the $69.7K resistance zone, the important $74.4K pivot, the 200-day moving average around $78.8K, and major support levels between $65K and $60K. We also review the CVDD model and why the $48K region remains a significant long-term level to monitor.
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Bitcoin BTC Price News & Insights Today 3-6-2026 - Technical analysis of BTC, on market structure, key support and resistance zones. Video by More #Crypto Online.
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Bitcoin Insights Today
-MicroStrategy’s Tiny Sale, Big Shock: The market took a massive psychological hit after MicroStrategy sold 32 BTC (worth roughly $2.5 million). While financially trivial against its $60+ billion hoard, the move fractured the market's reliance on chairman Michael Saylor's strict "never sell" iron law.
-Severe ETF Outflows: A grueling 12-day streak of spot Bitcoin ETF outflows—totaling nearly $3.97 billion—has significantly eroded demand and forced large-wallet "whales" into defensive selling.
-Capital Rotation to AI and Stablecoins: Bitcoin’s weak performance contrasts starkly with global stock markets hitting record highs. Massive capital raises in artificial intelligence (such as Google's reported $80 billion AI raise) and a massive risk-off flight into digital dollars like USDT and USDC are pulling liquidity out of the crypto market.
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