Jiang Zhuoer: If BTC breaks below the key support level of $76,500, the decline could accelerate.
1 hours ago
Jiang Zhuoer, founder of BTC mining pool B.TOP, said Bitcoin (BTC) has fallen as expected, with $76,500 serving as a key support level — the lower edge of an ascending channel and the 23.6% Fibonacci retracement of the rally from roughly $57,000 to $82,000. A break below $76,500 could trigger accelerated declines, with the next level to watch being the prior low of $75,500 to see if it holds. Early this morning, he outlined two potential scenarios: a) BTC stops falling and rebounds before hitting $75,000, which would likely pave the way for a rally back to $80,000, even to the high resistance zone of $83,000–$84,000, before a major correction; b) A valid break below $75,000 would trigger a correction corresponding to the prior rally from $64,000, targeting $70,000–$72,000, before the next phase of the bull market begins. Jiang noted that next week’s vote on the Crypto Market Structure Act (the CLARITY Act) and Federal Reserve announcements could act as key catalysts, so he is maintaining a neutral position: full short positions in BTC plus full spot holdings of Ethereum (ETH).
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