#BTC The on-chain data for Bitcoin is really hard to watch right now, with confirmed outflows below 110,000, and long-term holders are also aggressively distributing. Clearly, the big players are not convinced by this slight rebound at this level.
Currently, the daily chart's "inverted cup and handle" pattern is almost complete. If this script plays out, a 1:1 retracement could directly target around 72,000-73,000. Although the larger timeframe is bearish, a rapid decline will likely be followed by a rebound.
In the short term, focus on the gap around 89,000-90,000. If it can push up through