A Bitcoin trader lays out the specific price levels that would flip the outlook from "major low forming" to "new lows coming," and for now stays cautiously hopeful.

• Bitcoin is expected to dip back toward recent lows and bounce, not break down — at least not yet.
• A trade below the July low, or a monthly close under $58,000, would be the warning sign that new lows are likely.
• Until Bitcoin starts closing weekly candles below about $60,000, there's no reason to panic.
• The working view is that a major bottom is still trying to form here.

Outlook: A bounce off current levels is expected, but a monthly close below $58,000 would flip the call to new lows.

## Bitcoin Levels

• **Bias:** Cautiously bullish — a major low is still likely forming, but fragile
• **Support:** $60,000 (weekly wick low); July low at $57,750
• **Invalidation:** Trade below the July low of $57,750, or a monthly close below $58,000 ($58,850 on the index); weekly closes below $60,000 as an early warning