Bitcoin at $67,000. What next? Bitcoin/USDTOKX:BTCUSDTRomanCassiusTrade Bitcoin has lost more than 10% over the past week, dragging most of the cryptocurrency market lower. Bitcoin simply broke lower and accelerated the decline 📉 📊 Technical Structure Remains Bearish From a technical perspective, the chart continues to show signs of weakness. Bitcoin has once again fallen below several key moving averages: * MA20-D * MA50-D * MA20-W All of them are now positioned above price and act as resistance. At the same time, BTC broke down from the medium-term ascending channel that had supported the market since February. More importantly, price has returned inside the boundaries of the long-term descending channel. This is not the type of price action typically associated with the beginning of a sustainable bull market. 🐻 Why I Still Believe We Are in a Bear Market For months I have maintained the same view: the crypto market remains in a bear cycle. The reason is not only technical. The macroeconomic environment continues to work against risk assets: * Interest rates remain elevated* Capital continues flowing into US Treasuries yielding over 5%.* Stablecoin dominance continues to rise. The last point is especially important ❗️ When stablecoin dominance increases, it means more capital prefers sitting in crypto cash rather than taking risk in crypto assets. Historically, this has not been a bullish signal for the broader market. Without a meaningful increase in liquidity, it is difficult to build a sustainable long-term uptrend. 💩 Ethereum Continues to Underperform Ethereum remains one of the weakest major assets in the market. Several weeks ago I outlined a bearish scenario minimum targeting the $1,900 area. That target has now been reached. From a technical standpoint, Ethereum continues to struggle: * Failure to reclaim major moving averages. * Weak volume profile. * Repeated rejection from key resistance zones. * Continued underperformance versus Bitcoin. While many investors remain optimistic about ETH, I continue to believe that significantly lower prices remain possible before this cycle reaches its conclusion 📉 🌀 Market Cycles Matter More Than Headlines One of the biggest mistakes traders make is confusing a relief rally with a new bull market. Markets rarely move in straight lines. Even during strong bear markets there are powerful rallies, positive news events, and convincing narratives about a new cycle beginning. These rallies often create maximum optimism right before the next wave of selling pressure arrives. This is why understanding market cycles is more important than reacting to headlines. 🚀 Could Bitcoin Bounce? Absolutely. On lower timeframes, Bitcoin is already deeply oversold. After a decline of this magnitude, a technical bounce would be completely normal and even expected. However, a bounce and a trend reversal are not the same thing. A relief rally inside a bear market often serves as: * an opportunity to reduce risk, * rebalance portfolios, * hedge exposure, * or exit weak positions. The key is not to mistake short-term strength for a complete change in market structure. 👇 My Current Outlook My cycle model continues to suggest that the bear market may persist until at least the middle of autumn. This does not mean the market will move straight down. There will likely be rallies, squeezes, and periods of optimism along the way. However, as long as liquidity remains constrained, bond yields remain elevated, and capital continues favoring defensive assets, I see little evidence that a new long-term bull market has truly begun. For now, caution remains the most important position a trader can hold. _ _ _ _ _ _ _ _ 👉 If you want to trade like a professional and not like a gambler — follow for real insights and strategies 🚀