Since the previous analysis, BTC followed the expected rejection scenario instead of reclaiming higher resistance. The rally into the $66K to $69K region was rejected, and price has now rolled over, keeping the larger bearish Elliott Wave count intact.
The current structure still suggests Wave C is in progress, with recent price action forming a lower high before continuation to the downside. As long as BTC remains below the recent swing high, the path of least resistance continues to favor further weakness.
The $49,000 to $47,000 support zone remains the primary downside target, where a stronger reaction from buyers is expected. However, if selling pressure accelerates and Wave C extends, BTC could still decline toward the $43,000 to $39,000 region before a larger trend reversal develops.
The bearish outlook remains valid unless BTC reclaims the invalidation level near $82,721 with strong momentum. Until that happens, I continue to view rallies as corrective bounces rather than the start of a new bullish trend.
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