$BTC | Thesis

What implying is that usually after a major retracement, price typically consolidates into a short term range.

Within that range, we often see liquidity taken on both sides, brief moves above prior highs or below prior lows, as the market seeks balance. In this case, price swept the 71K highs multiple times, effectively baiting breakout buyers.

Now the focus shifts to the downside, where the objective appears to be deleveraging, primarily forcing long positions to unwind.

If price can hold above the previous weekly low (PWL) around 64–65K, we could see long capitulation complete and a relief move back toward 72–73K before any potential continuation lower toward sub-60K levels.