$BTC

Daily TF!
Again, the DTF aligns perfectly with what I am seeing on the WTF. Since the yearly open at $87,648.21, Bitcoin has struggled to sustain bullish momentum, and that weakness is becoming increasingly evident on the chart.
We are now back inside the huge rectangular range. If we lose this box decisively, then the August 2024 monthly low around $49,000 comes into play, which aligns with the broader structure I shared on the WTF.
If you go back and look at that August 2024 candle, it printed a beautiful hammer, a classic reversal candle. Sellers attempted to force price below the $49,000 region, but massive bids were sitting there waiting. The result was a violent rejection of lower prices, a wave of short liquidations, and the establishment of what has since become a major floor for the bulls.
Should price revisit that level, all eyes will be on how the bulls react. Personally, I expect a surgical bounce from that zone given the historical order flow and significance of the level. However, whether that bounce develops into a sustainable reversal or merely a relief rally will depend on the strength of demand that emerges when we get there.
#NFA