Let’s talk about PAPA $BTC from a purely technical perspective. What’s next?
In 2024, the price pushed to a new all-time high (ATH) at $73,794, entering an accumulation phase that lasted until November of the same year. This accumulation channel featured a liquidity zone, which was swept on both the upper and lower boundaries before transitioning into the distribution phase—we all know when that played out. Following distribution, the price surged again, hitting a fresh ATH at $109,356, before beginning its current descent.
As of now, the new bullish range has not yet been activated. This will only occur when the price reclaims the previous ATH at $73,794. The fact that it hasn't yet is Signal #1 suggesting we may be heading for lower price levels.
Signal #2 is the nature of the decline post-$109K ATH. Unlike the earlier move, which included a prolonged accumulation phase, this drop has been rapid and steep, suggesting a retest of the prior accumulation zone that was broken during the last distribution phase.
The $70K area looks promising for a potential rebound. Zooming in further, the $65K level sits at the discount zone of the currently inactive bullish range—making it a key level to watch.
What reinforces confidence in the $70K zone is that, unlike assets like SOL —where previous accumulation phases drew liquidity with nearly horizontal wicks—the current structure on $BTC shows a much cleaner sweep behavior, indicating more deliberate price action.
With all that said, let’s focus on these key zones and remain patient before committing to any aggressive buying scenarios.
Feel free to share your thoughts also!
You can find my analysis on ETH and SOL here:
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