Trader Eugene: Bitcoin still has downside potential, may test the key psychological level of $66,000

Prominent trader Eugene stated that the overall trend of Bitcoin (BTC) is still leaning towards a decline, and there hasn't been enough market panic on the high time frame (HTF) to complete this cycle's deep cleansing. Eugene believes that although BTC has some support around $76,000 and may even form a double bottom in the $74,000-$76,000 range, this probability is gradually decreasing. He pointed out that at present all time frames have seen Bitcoin's upward trend or range broken with $75,000 being the last significant support.

Furthermore, he thinks that sooner or later the market will test MicroStrategy founder Michael Saylor's psychological threshold of $66,000 and observe how it performs under this level. At the same time due to BTC’s strong correlation with US stocks he does not expect any reversal in short term due to comments from Trump, Bessent or Federal Reserve Chairman Powell.

Eugene also mentioned if tonight's U.S PPI data performs well and pushes Bitcoin back up above $80,000 then he might consider shorting at higher levels.