Eugene: Bitcoin may find support at $60,000; survival is paramount in a bear market; strict stop-loss orders are essential.

PANews reported on February 8th that trader Eugene, reviewing last week's market performance, stated that from a high-timeframe (HTF) market structure perspective, significant issues remain in the market. While $60,000 for Bitcoin can still be considered reasonable support, he noted that a lesson learned from the previous cycle is: never blindly go all-in on long positions without stop-loss protection.

Eugene points out that bull markets often see prices surge more dramatically than expected, while bear markets tend to experience more severe declines than anticipated. He acknowledges that the bottom of the bear market is still unclear, as is whether Bitcoin has bottomed out at $60,000, but emphasizes that "survival is always the top priority." He advises traders to assess the risk of each trade individually and implement stop-loss strategies to protect against further downside risks.