Eugene: Bitcoin's $60,000 May Serve as Support; Survival is Paramount in Bear Markets; Strict Stop-Losses are Essential for Trading

Odaily News Trader Eugene, reflecting on last week's market conditions, stated that from a high time frame (HTF) market structure perspective, significant issues remain evident in the market. While Bitcoin's $60,000 level can still be considered reasonable support, he noted that the lesson learned from the previous cycle is: never go all-in on long positions without stop-loss protection.

Eugene pointed out that in bull markets, rallies tend to be more frenzied than expected, while in bear markets, declines are always more severe than anticipated. He acknowledged that it remains unclear where the bottom of the bear market lies and whether Bitcoin has already bottomed at $60,000, but emphasized that "survival is always the top priority." He advised traders to individually assess the risk for each operation and implement stop-loss strategies to guard against further market downturns.