$BTC May 23 13:30 Market Analysis

BTC is currently in a phase of high-level oscillation on the daily chart, with a weakening short-term structure, and multiple timeframes forming a top structure that constrains upward movement, indicating a risk of further pullback in the short term.

On-chain data shows a cooling of transactions and weakened active buying, with heavy long positions among large holders, suggesting a lack of upward momentum and that the main players may be inducing buying to sell off.

🎯 Main Player Behavior and Script Simulation

✅ Main Script (Bearish):

Current situation is a typical top-inducing sell-off structure;

Multi-timeframe structure LH relay is evident, main player CVD divergence, and disconnection between options and spot trading, indicating risks within a weak trend;

If the 3-minute structure fails to regain HL and break above $110,900, further testing of the $110,000 support is likely, possibly down to the lower boundary of the 45-minute OB zone near $106,000.

🟡 Alternative Script (Oscillation Rebound):

If a clear HL can be formed after a pullback to $110,550 accompanied by significant volume increase, it could lead to a rebound induced by buying;

Rebound target area: $111,200–111,600 (previous high supply area and structural balance point);

However, caution is needed against “inducing buying and then killing” after a high-level structure failure.