BTCUSD Trade Plan – Daily TimeframeBitcoin / U.S. dollarBITSTAMP:BTCUSDMichael_Harding Bitcoin remains technically bearish following the sharp impulsive selloff from the $82,000 region down into the $60,000 area. The recent rally appears corrective rather than impulsive, with price retracing into key Fibonacci resistance levels after failing to establish a sustained bullish structure. The most recent bearish impulse leg broke market structure aggressively to the downside, signaling a shift in momentum from accumulation to distribution. Since then, BTCUSD has been consolidating and retracing higher into a potential sell zone between the 0.382 and 0.50 Fibonacci retracement levels. This area aligns with prior support turned resistance and represents a favorable location for sellers to re-enter the market. From a macro perspective, last week's Federal Reserve meeting resulted in interest rates being left unchanged as policymakers maintained a cautious stance toward inflation. The market is now focused on Thursday's PCE Inflation report, which is forecast to rise to 0.3% from the previous 0.2%. A stronger-than-expected reading would likely reinforce the current strength in the U.S. Dollar and support the higher-for-longer interest rate narrative. Historically, a strengthening dollar creates headwinds for risk assets such as Bitcoin, increasing the probability of further downside continuation. Technical Outlook The current trade plan anticipates Bitcoin completing its corrective rally before initiating another major bearish expansion leg. Primary Sell Zone • $65,400 – $67,900 Confluence of: • 0.382 Fibonacci retracement • 0.50 Fibonacci retracement • Previous support turned resistance • Daily bearish order flow Invalidation • Sustained daily closes above $67,900 • This would suggest a deeper retracement toward higher Fibonacci levels and weaken the immediate bearish thesis. Downside Targets TP1: $62,014 The first objective sits near current support and offers a logical area for partial profit taking. TP2: $56,016 This level represents the next major support zone and would confirm continuation of the broader bearish trend. TP3: $45,444 The ultimate target aligns with a full measured move projection from the recent bearish impulse and represents approximately 30% downside potential from the proposed entry area. Trading Narrative The larger structure remains bearish until proven otherwise. The recent bounce appears to be a corrective retracement following a strong impulsive decline rather than the beginning of a new bullish trend. As long as Bitcoin remains below the $67,900 resistance zone, the path of least resistance remains lower. With the Federal Reserve maintaining rates and inflation data taking center stage this week, traders should closely monitor Thursday's PCE release. If inflation accelerates as expected and the U.S. Dollar continues strengthening, Bitcoin could struggle to attract sustained buying pressure and may begin the next leg lower toward the $62,014, $56,016, and ultimately $45,444 downside objectives. Bias: Bearish Entry Zone: $65,400 – $67,900 Stop Zone: Above $67,900 Targets: $62,014 → $56,016 → $45,444 Risk Environment: Elevated volatility ahead of Thursday's PCE Inflation report.