Bitcoin's macrostructure exhibits a well-defined impulsive motive wave sequence, currently progressing within a terminal Wave 5, forming a potential Ending Diagonal pattern.
The ascending trendline serves as a key structural support level, sustaining the broader bullish trajectory.
Price action has confirmed a series of higher highs and higher lows, characteristic of a strong bullish market structure.
The critical resistance level around $73,500 aligns with prior wave peaks.
The projected completion of the motive wave structure targets approximately $166,800-$180,000, where a major corrective wave sequence (ABC Zigzag or Flat) is anticipated.
The confluence of dynamic support levels, including the ascending trendline and previous structural highs, suggests a corrective retracement toward the $70,000â$75,000 region before potential re-accumulation.
Failure to maintain this immediate support as shown on the chart could expose deeper retracement zones near the secondary demand zone.
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