An in-depth analysis of the BTCUSDT daily chart based on wave theory, as of June 20, 2025, shows that the Bitcoin price is still in the final confirmation phase of the adjustment wave after the high point of 111980. The technical pattern indicates that the WXY triple zigzag correction formed after the end of the red V wave has been completed, and the Z wave has initiated a rally after bottoming out near 77300.

It is worth noting that this rebound has not yet broken through the key resistance level of 106820, with the market repeatedly oscillating in this area, forming a small-scale triangle or double platform adjustment pattern, indicating that it is currently in the converging end stage with an unclear direction.

Based on the wave pattern, if the current adjustment is only the B wave platform structure in (ABC) (which means we are not in a motive wave but rather an adjustment extension process), then it is essential to focus on whether the price can effectively break through 106820 and establish a new high, thereby opening up upward space. Conversely, if the price falls below 103371 again, this platform structure may evolve into a more complex irregular triple zigzag or "failed B wave," further testing the mid-term support areas of 100738 or even 97666.

The wave theory emphasizes that "structure takes precedence over price", and the current pattern characteristics have not yet shaken off their corrective nature, and 106820 constitutes a key threshold for judging the effectiveness of bulls. If it can be successfully broken, it can be confirmed that the rise since wave Z is the starting point of wave 1 of the new push wave, and it is expected to start a stronger wave 2-3 trend in the future, and the target level is expected to be above 132809. If it continues to be blocked, it is necessary to be wary of the price falling into a triangular consolidation or falling back to find the bottom process, and even pose an important test to the 100738-97666 support area, when 111980 will become an important reference point to confirm the top of the middle level.

Overall, the current market is at a critical juncture before a major directional change, and the trading strategy suggests primarily following the trend while also preparing for defense.