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$BTC Update 1D
This is a critical retest.
Bitcoin is currently testing the underside of the largest rising wedge pattern on the chart. Price broke down from the structure and is now returning to the lower boundary from below a classic bearish retest zone.
The 50-week SMA is also sitting right in the same area, adding another layer of confluence.
A clean rejection here would confirm the breakdown and open the door for further downside.
A strong reclaim and hold above the wedge + SMA would invalidate the bearish case.
This is one of the more important technical levels Bitcoin has faced in this cycle.
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