$BTC
Bitcoin is currently trading just above the red invalidation level at 65,060 USD. Today’s focus is on whether price can hold this level and thereby keep the white scenario valid. As long as 65,060 USD holds on a sustained basis, the larger bullish interpretation remains intact and keeps the potential 1-2 structure alive.
Even within the short-term bearish orange scenario, which tracks a triangle, upside movement cannot be ruled out. A break above the upper boundary of the yellow corrective channel would indicate that wave C of wave E in the orange scenario may be unfolding. Such a move could produce a temporary push higher before the broader correction resumes. Alternatively, if the advance develops as a clear 5-wave move rather than a 3-wave structure, it would increase the probability that wave 3 in the white scenario is already underway. At present, upside momentum remains weak and price continues to trade within a corrective channel. Without a decisive break above channel resistance, the structure remains corrective. A sustained break below 65,060 USD would invalidate the white scenario and shift focus toward the deeper retracement zone between 64,558 USD and 62,604 USD.
