The technical analysis perspective based on wave theory, as of June 19, 2025, for the BTCUSDT daily chart shows that the current price is in a complex adjustment phase following the decline from the 111980 high. This structure may present a double zigzag WXY or a more complex triple zigzag WXYXZ pattern.

From a larger timeframe perspective, the upward movement formed by the red V wave has clearly ended at 111980, followed by the black WXY completing the first round of zigzag adjustment. It is noteworthy that although the green rebound that began from the low of the Z wave has formed, its internal structure is still insufficient to confirm it as the starting point of a new round of impulsive wave. Currently, the downward movement in the blue section can technically be understood as a small degree B wave rebound followed by a C wave decline, but this fluctuation has not effectively broken through the key support line at 104117, indicating that the market has not yet formed a clear trend reversal signal.

Technical analysis indicates that as long as the support at 103371 is not effectively broken, the current decline should still be classified as a corrective structure rather than the start of a main downtrend. If the market can stabilize above 106820 and form a higher secondary peak, it may signal the end of this round of "platform-type" adjustment. After the adjustment is completed, theoretically, the price is expected to start a new wave of upward momentum since 111980, with the target area pointing to 132809 or even higher levels, which will constitute the starting point for a new round of red wave III or V level increase.

In terms of operational strategy, the key is to monitor whether the price can effectively close above 106820 and break through 107620. If this structure is confirmed, and is supported by volume-price coordination and momentum indicators resonance, it will further validate the possibility of the primary upward wave continuing. Conversely, if the price breaks down below 103371 and fails to hold the 100738 area, it will be necessary to reassess whether the current wave pattern is developing into a larger WXYXZ triple correction.

Overall, the current market is at a critical window for directional choice, and investment decisions should take into account both key conditions of support defense and breakthrough confirmation.