Looking at the daily chart for Bitcoin, and it’s hard to ignore the repetition here. We are essentially watching a replay of the December/January price action.
The Pattern: We just came off a massive 32% flush that took us from $90k+ down to the $60k support. Since then, we’ve been "climbing the stairs" in a narrow channel. This is a classic Bear Flag.
Why this matters:
- In the last flag, everyone thought the "recovery" to $99k was the start of a new moon mission. Instead, it was just the market catching its breath before the next leg down.
- The current "recovery" to $70k looks identical. We are seeing lower highs relative to the previous structure.
- Unless we break out of this channel to the upside and hold $75k as support, the technical "measured move" target for a breakdown would put us back in the mid-to-high $50k range.
My Take: I'm staying cautious here. The $70k level feels like a "bull trap" designed to generate liquidity before the next flush. I’ll be looking for a high-volume breakout before I flip back to being a perma-bull.
Are you guys buying this "recovery," or are you waiting for the other shoe to drop?
Disclaimer: Not financial advice. Just staring at lines on a screen.
BTC Analysis: We are currently inside a second Bear Flag. Here is why the $70k level is a trap.
byu/UniChartz inbtc
Posted by UniChartz