Bitcoin (CRYPTO: BTC) is holding above $70,000 for now, but prominent analyst Trader Mayne foresees a broader macro downturn.
Bitcoin Still Holding Key Levels
In a Mar. 17 podcast, Mayne said Bitcoin’s recent rebound appears to be a countertrend move rather than the start of a sustained bull run.
He argued the broader market structure remains bearish, warning that a loss of support around $70,000 could open the door to further downside.
While he acknowledged that holding this level could support a bullish case, Mayne said his base view is that the market has not yet reached its bottom.