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Recent sharp fluctuations in the cryptocurrency markets have reinforced investors’ cautious stance, and experienced trader Eugene Ng Ah Sio has offered his assessment of Bitcoin.
According to Eugene, the $60,000 level still stands out as a “reasonable” support point from a technical perspective, but there is no clear consensus on whether the market has bottomed out.
In a post on his personal channel, Eugene stated that the price movements over the past week, especially when looking at the High Time Frame (HTF) market structure, point to structural problems. The experienced trader noted that the market is showing signs of weakness in the higher time frame, arguing that the current outlook warrants caution.
According to Eugene, while the $60,000 level appears to be strong technical support, one of the most important lessons learned from past cycles is that aggressively entering “long” positions without valid and clear support confirmation is risky. Eugene reminded that price movements in bull markets can be much sharper and more sudden than expected, while in bear markets, declines can be deeper than investors anticipate.
The experienced trader stated that it’s impossible to know exactly where the bottom will be in the current bear market, and it’s not yet certain whether $60,000 is the ultimate bottom. Therefore, Eugene advised investors that “survival” should be the priority, that each trade should be considered an independent decision, and that stop-loss orders should always be used to protect against potential further declines.
