Is BTC in a accumulation phase?Bitcoin is in an 7K (about 35%) range since 150 days now, and just broke to the downside.
Could this be the spring of an Wyckoff accumulation schematic?
It is no secret that price action has been choppy ever since it entered the trade range, has to shake most people out.
Of course, for this to be an spring we'd need big buyers stepping in, and defying all of the sell volume we've seen so far.
On the other hand, bulls already had absord a lot of BTC sell order and could therefore mean price is near a reversal.
Price could of course(inevitably in the bull case) retest the price range and fade of to fresh lows.
It is also no secret that BTC is highly correlated to traditional markets. It would therefore make sense for both markets to bottom at somewhat the same time.
But with everything we've seen, it could be possible for BTC to mark a bottom now and see price suppression while the DJI, NASDAQ and SPX mark their bottoms in.
It is also an great idea to keep in mind that price tend to move again the masses, and with the FTX/ALAMEDA illiquidity situation, everyone is scared and calling for lower lows.
This is only an gut feeling based on market sentiment right now and only support the unprobability that market would reverse(while everyone is bearish).
Next days/weeks are gonna determine the direction ahead for BTC.
