Garrett Jin: Bitcoin bulls face a bleak outlook; the longer the bottom consolidation lasts, the higher the likelihood of breaking below support.

Garrett Jin noted that Bitcoin continues to hover above $76,500, leaving bulls in an unfavorable position. He believes the longer the consolidation lasts, the more likely BTC is to break below this support and seek lower levels; to regain strength, it must at least hold above and defend $78,300.