$BTC One thing that stands out in this entire range is who has been buying and who has been selling.
Retail has spent months convincing themselves that every dip is the bottom. Every flush gets called an opportunity. Every bounce gets called the start of a new bull run.
Meanwhile, larger players have been doing the opposite.
While retail keeps averaging in, bigger money has been using strength to reduce exposure and distribute supply.
That’s not typically what a major bottom looks like.
Real bottoms are usually formed when retail loses interest, gives up, and stops buying every red candle. That’s when smart money starts accumulating, not distributing.
Right now, retail sentiment remains surprisingly optimistic despite the market structure continuing to weaken.
Until that relationship flips, it’s hard to argue that true capitulation has taken place.
And without capitulation, the bottoming process may not be finished yet.
👉 Don't over leverage or revenge trade. Wait for confirmation, protect your capital, and manage risk properly. The market always provides new opportunities.
