BTC/USD: Why I'm Looking Long into Short-Term Weakness

Fading the Bearish Consensus

The market is showing a clear bearish tilt for BTC/USD, with the price currently at 65978 and a 24-hour change of -0.51%. The intraday trend is undeniably bearish, dropping from the day's high of 67297.56. Many are likely looking for continued downside, especially with resistance levels at 66050 and 66100 now looming above us. However, this is precisely where my interest is piqued. I often find that when the crowd leans heavily in one direction, the risk-reward for a counter-trend move becomes compelling. The current sentiment suggests an overcrowded short trade, ripe for a squeeze.

The Intraday Long Setup

Despite the prevailing bearish sentiment, my intraday analysis points to a strong buying opportunity. We've seen a retest