Bitcoin is consolidating within a descending triangle pattern and is currently trading below the 21MA, which is acting as a resistance barrier. A solid breakout or breakdown is needed to confirm the next directional move.
$BTC is consolidating within a strong macro uptrend after rejecting from ATH.
As long as price holds the higher-low structure, this pullback looks corrective setting the stage for a continuation toward new highs in the next phase.
We are currently inside an ABC corrective structure after completing a Standard 5-Wave Bearish impulse. Price is now testing the 0.618 Fib, which aligns with a previously untested low that has recently been swept.
This is a key area to hold if we are to continue pushing higher this week. A reclaim of the 88,100 level would confirm that the recent move down was Corrective Wave B, likely putting us inside Corrective Wave C which should complete around the 92.9k-94.5k region.