$BTC After the breakout of the falling wedge, price struggled to push higher, which led to a retest of the zone I previously explained must hold for any bullish case.

This zone indeed held up, and price bounced almost 5% after retesting it and the descending trendline of the wedge.

For me, the technical price target of 69K-70K remains likely.

However, we are currently in an interesting situation where it looks pretty bearish from an order flow perspective, as I explained yesterday, but potentially bullish from a technical analysis perspective.

What we also can’t forget is that on the higher timeframes, we are still in a downtrend which hasn’t been invalidated yet.

My bias remains more bearish than bullish. Although order flow looks bearish, it’s not an immediate reversal signal but rather a sign of increasing weakness. It wouldn’t surprise me if this rally continues for a bit longer, but I still expect a reversal soon.