The most of traders forget about mining side of BTC. They only see TA. I think that is not true. The average costs for mining BTC is $4758 + 15% extra costs = $5471. $5400-$5500 would be a competitive advantage certainly for miners, but also for traders. That’s because once the price goes below that cost, miners would no longer be in profit. So you’d think miners would hold the coins in the hope price rises unless they’ve given up hope due to some black swan and are trying to salvage all they get.
In normal circumstances, miners taking out that supply would mean a price rise if demand falls by less than supply falls.
Karl Marx calls that the labor value of production, while generally, one can call it the cost of production. If the price of a certain thing goes below that cost, then supply would fall until demand is sufficient for the price to be above the cost. I hope they will support BTC at $5400-$5500.
So I think BTC will bounce from $5500-$5700. If it breaks down $5400, be ready for the big crash.