The latest weekly charts for BTC/USDC reveal a market searching for its footing after a significant retracement. Currently trading around $66,470, Bitcoin has shed nearly 30% of its value over the last 30 days, leaving investors wondering if the bull run still has legs.
Technical Breakdown:
The most striking visual on the chart is the price interaction with the 223-period EMA (blue line). This moving average, currently sitting at $65,070, is acting as the "last line of defense." A weekly close below this level could trigger a cascade toward the $47,000 zone.
The Penta Wave Theory:
From an Elliott Wave perspective, the massive rally to the $126k peak in mid-2025 appears to be a classic Wave 3—the strongest impulsive move. We are likely currently trapped in a grueling Wave 4 correction. While Wave 4s are notorious for testing the patience of "HODLers," they are also the launchpad for the final Wave 5 blow-off top.
The Bottom Line:
The order book remains skewed toward sellers (56%), suggesting that the bottom might not be in just yet. Bulls need to defend the $65k level with conviction. If they succeed, we might see one last parabolic run to conclude the cycle. If they fail, it's time to batten down the hatches for a longer defensive phase. $BTC
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