$BTC
is forming one of the cleanest breakdown–retrace setups we've seen lately.
The selloff into the TP level wasn’t weak; it was momentum-driven, showing strong commitment from sellers. The consolidation forming now at the lows is typical absorption, the market catching its breath before the next engineered move.
The entire chart hinges on the supply zone at 68.4k–69k. This block is where liquidity was taken, distribution occurred, and the breakdown originated. Markets often retrace into such zones to rebalance inefficiencies before continuing trend direction.
A move into that block would be the “reaction zone” where traders will be watching for rejection wicks, displacement, or a major structural shift.
Until $BTC takes out that supply decisively, the bias remains bearish with downside continuation highly probable.