Bitcoin and Ondo: Key Levels to Watch After Recent Correction

As I mentioned in my analysis last week, the bearish scenario for Bitcoin remained the most likely. The market has indeed continued its correction and is now approaching an important technical zone. At the same time, ETF flows are still too timid to speak of a true return of institutional conviction. Finally, on the Ondo side, the euphoria following SBI's announcement has attracted many retail investors, which encourages me to remain patient and disciplined regarding my entry points.

Bitcoin: The Bearish Scenario Remains Intact as Long as Resistances Are Not Reclaimed

As I mentioned in the previous analysis, Bitcoin was heading towards the $60,000 zone. For now, this scenario is unfolding quite cleanly. The price has tested the $62,200 to $62,500 zone, which remains one of the most important supports in the market in the short term. It is precisely this zone that is currently preventing a more pronounced acceleration towards $60,000 and then towards $58,000-$59,000.

If we take a step back and look at the daily chart, the reading remains clear: Bitcoin is still moving within a bearish structure. The peaks are getting lower, the rebounds lack strength, and sellers still hold the upper hand in the overall trend. This does not mean that a rebound is impossible, but simply that on a macro scale, there is not yet a sufficiently strong signal to talk about a sustainable reversal.

As long as the price remains above this $62,200-$62,500 zone, a technical rebound could still develop. On the other hand, a clear break of this support would, in my opinion, open the door to a faster move towards $58,000-$59,000. This is the next zone I would watch very closely, as it has already served as a support point for the market in the past and could attract buyers again.

As I have already explained in my previous analyses, anything that brings Bitcoin below $65,000 seems interesting to me for gradually building a long-term position through a DCA strategy. No one can buy the exact bottom with certainty. Therefore, the goal is not to guess the perfect price, but to accumulate at levels that remain, in my opinion, attractive from a long-term perspective. Daily Chart of Bitcoin: Bearish Structure and Major Support Zones.

The 4-Hour Chart Confirms That the Bearish Channel Still Dominates

Here, I show you the four-hour chart. It clearly shows the bearish channel in which Bitcoin has been moving for several sessions. The price touched the $62,250 zone before rebounding slightly, but this rebound occurred without invalidating the bearish structure. In other words, Bitcoin is rebounding, yes, but it is still doing so within a technical framework that remains unfavorable.

This is an important point, as many investors too quickly interpret any rebound as a signal of recovery. For my part, I prefer to stay true to what the chart shows: as long as the price respects this descending channel, the bias remains bearish. The $62,250 zone continues to play a central role as support, but we will need to observe how the market reacts in the upcoming sessions. If this level gives way, selling pressure could accelerate quickly.

In summary, I remain bearish on Bitcoin in the short term. To consider a more constructive scenario, we would need to see the price sustainably reclaim the upper resistance zones and cleanly exit this descending structure. 4H Chart of Bitcoin: rebound at $62,250, but still within a bearish channel.

Bitcoin ETFs Show Some Buying, But No Conviction Yet

Looking at the flows of Bitcoin ETFs, the message remains the same: quite cautious. Since July 23, sales and capital outflows have generally been more pronounced than the purchases observed earlier. The beginning of August shows a slight return of inflows, but these amounts remain modest and do not resemble what we see during true phases of institutional accumulation.

In clear terms, some purchases are returning, but nothing strong enough to assert that the big players are back aggressively. To truly change the reading, I would need to see several consecutive sessions with significantly stronger flows, capable of confirming a durable return of institutional demand. For now, the ETFs do not invalidate my main scenario: that of a market that remains fragile and could still experience another leg down. Recent flows of Bitcoin spot ETFs: slight purchases reappear, but without real conviction.

Ondo: FOMO is Back, But Patience Remains the Best Strategy

I will now talk about Ondo, as it is an asset I continue to follow closely. You may remember that I started buying Ondo around $0.30, even before the announcement related to SBI a few days ago. Just after this announcement, we witnessed the classic scenario of the crypto market: many retail investors rushed into the asset, driven by FOMO, news, and the fear of missing an opportunity.

This is precisely why I often repeat that an investment is built when almost no one is still talking about the project. The best opportunities rarely appear when everyone is already excited. Ondo had spent a long period accumulating sideways on a daily basis, in relative indifference. Then, the price broke its bearish channel, triggering a rapid acceleration.

Today, the important point to watch is not a supposed perfect resistance, but the price behavior around $0.37. If Ondo were to close below this level, a new correction phase could quickly bring the price back to the $0.30 to $0.32 zone. This is precisely the zone I will continue to monitor, as it could again offer an accumulation opportunity if the market confirms solid support.

For my part, I chose to take profits on my spot position bought around $0.30, as I believe there is a real possibility to reposition lower than the price at which I sold. In my view, it is often better to anticipate, secure gains, and then wait until retail investors withdraw and the market purges the excess euphoria. This is how I believe wealth can be built: buying when pessimism prevails, not when everyone is already chasing the movement. Ondo in daily units: after the break of the channel, the market could correct towards $0.30-$0.32 if $0.37 is lost.

Conclusion

At this stage, my reading remains simple. Bitcoin is still evolving in a bearish structure, and the $62,200-$62,500 zone remains the most important support to watch in the short term. If this level gives way, I expect to see the market seek $58,000-$59,000. ETFs are showing some buying, but not yet a strong enough force to invalidate this scenario. Finally, on the Ondo side, the market has already reacted significantly to the SBI announcement, which leads me to favor patience over FOMO.

As always, I prefer to accumulate when the market calms down, in areas that offer a better risk/reward ratio.