Peter Smith
⬤ Bitcoin's been slowly climbing back on shorter timeframes, trying to shake off a recent pullback. The price managed to push past Monday's high around $92,200, showing that buyers are at least attempting to step back in. That said, the move up has been pretty measured so far—nothing explosive or decisive yet.
⬤ Structurally, what we're seeing could be a wave 2 bounce in the making. But here's the catch: the previous drop didn't follow a clean five-wave pattern, which makes it harder to feel confident about what comes next. Bitcoin's reclaimed some ground, sure, but the price action is still messy and overlapping. There's no strong momentum backing this move, which is usually what you'd want to see before calling it a real breakout.
⬤ A few key levels are worth watching here. As long as Bitcoin stays above $90,050—the low from the last corrective wave—there's room for it to push toward $97,000 or even $98,400. Those targets line up with Fibonacci resistance zones. But if price drops below that $90,050 support, the bullish scenario weakens fast, and we'd probably see more downside from there.
⬤ The bigger picture here is that Bitcoin's still caught between cautious buyers and ongoing uncertainty. With CPI data coming up, volatility could spike pretty quickly. How BTC handles these technical levels during the macro events this week will likely shape where the broader crypto market heads next.
Peter Smith
