Considering the current macro sentiment, it may be too early to call the current area the bottom, as price action could easily be a mid-downtrend consolidation before another leg to the downside. Assuming a more favorable scenario, the price could also bounce from where it currently trades. If that plays out, the two significant challenges would be the $37-40K supply zone alongside the bearish crossover of the 50-day and 100-day moving averages. On the other hand, if 30K fails, the 24K area could be the next potential bearish target.
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