Bitcoin has dropped below a key trend level for the first time since the early July rally started, which is a bad sign for the short term unless it bounces back fast.

• Bitcoin broke below its midband level yesterday, ending a rally that ran all month.
• As long as it stays below that level, the near-term direction is down.
• Downside targets run toward the low 60,000s, possibly all the way to 60,000.
• The one thing that flips this bullish: reclaiming the level within 48 hours, which looks less and less likely.

Outlook: If Bitcoin can't reclaim the broken level in the next day or two, expect more downside; if it does, a quick run toward 70,000 is back on the table.

## Bitcoin Levels

• **Bias:** Bearish short-to-medium term while below the midband
• **Support:** ~$61,500
• **Targets:** Downside to ~$61,500, possibly $60,000; upside to $70,000 if reclaimed
• **Invalidation:** Reclaiming the broken midband level within 24–48 hours (would turn bias bullish toward $70,000)