$BTC - I really like the market structure here, as the price has managed to break above and reclaim the lost high-timeframe support range marked in purple, which is a clear sign of strength.

Tomorrow, I’ll be sharing an in-depth video on Bitcoin, as this is the first major development we’ve had in months. Until now, the price repeatedly failed to break above this range and kept rejecting there.

At this point, I believe we could see a quick retrace back toward this range, followed by a more durable reversal and continuation to the upside, essentially a fakeout before expansion.

We can already see signs of this developing in the Velo data: over the last couple of hours, price has been moving lower while open interest has been increasing, and funding rates are drifting toward negative territory, which is a clear sign that bears are doubling down on their shorts.