$BTC — Compression Above High-Demand Zone 📈
Bitcoin is currently rebounding from a high-demand zone around 62.8k–63.5k. The reaction from this area was sharp and impulsive, indicating strong demand absorbed the recent sell-off.
Structural Insights 📊
Price tapped major demand, leading to a strong bounce. Buyers stepped in aggressively, indicated by long lower wicks and expansion candles.
Selling pressure significantly weakened after a liquidation cascade. Bitcoin is now reclaiming short-term structure.
The chart shows broad compression between a descending trendline (macro resistance) and rising local support. This tightening structure often precedes a significant expansion.
Why This Matters 👇
The recent sell-off failed to create continuation lower despite panic momentum. Instead, buying pressure significantly outweighed selling pressure. This shift in order flow is crucial.
If Bitcoin sustains above 65k and continues to build higher lows, the probability increases for a breakout attempt. This could target the descending trendline near 68.5k–69k.
A clean breakout above this compression would likely trigger acceleration towards the 70k region.
Key Levels to Watch 🔍
Demand sits at 62.8k–63.5k, serving as major support. The reclaim zone is identified between 65k–66k.
Resistance is observed at the descending trendline near 68.5k–69k. A sustained move below 62.8k would invalidate this setup.
The market structure is no longer impulsively bearish; it's transitioning. The key question now is: Is this accumulation before expansion, or merely a relief bounce?
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