When zooming out and looking at the Bitcoin chart, despite how crazy the market has been in recent weeks it comes down to a simple market structure with three separate clearly definable ranges:
RED RANGE (Accumulation) - From FEB '24 until the US election BTC chopped in primarily the top half of a range with five separate midpoint retests with progressively shallower rallies that eventually broke out with a catalyst from the political world.
BLUE RANGE (Expansion) - After a 10 month accumulation range the next phase in the bull cycle was expansion, a rally above ATH and into price discovery. An extremely thin inefficiency rally.
Now price currently is at the midpoint of this range and despite the geo-political waterfall of bad news BTC has held up better than I had expected given that usually a rally that goes straight up has no support levels on the way back down. The chart does suggest a retest at $73,700 at some point before deciding which direction to go in after that.
GREEN ZONE (Distribution) - For the last 3 months Bitcoins price has been extremely volatile, bouncing between $91-108K, the range containing price perfectly with weekly retests of the range bottom and a swing fail of the range high. That SFP set off the beginning of BTCs sell-off eventually breaking through the bottom and back into the blue range.
With Bitcoin at the midpoint of the middle range it's a perfect time to have a data release in CPI, A volatile news event that can be a catalyst for a larger market move and with Tradfi selling off, this CPI is the most important of the Trump administrations term so far:
CPI DAY
PREVIOUS: 3.0%
FORECAST: 2.9%
ACTUAL: ??
Bullish - sub 2.8% print. At least the market sell-off is having a positive effect on inflation and isn't painful for no reason. BTC reclaims blue midpoint with a view to retest blue high.
Bearish - 2.9% or higher. Market sell-off hasn't has an immediate effect on inflation so the sell-off is bad in all aspects, except for the Trump admin moving closer to their wish of a weaker dollar and lower interest rates.
73K blue range bottom retest on the cards.
RED RANGE (Accumulation) - From FEB '24 until the US election BTC chopped in primarily the top half of a range with five separate midpoint retests with progressively shallower rallies that eventually broke out with a catalyst from the political world.
BLUE RANGE (Expansion) - After a 10 month accumulation range the next phase in the bull cycle was expansion, a rally above ATH and into price discovery. An extremely thin inefficiency rally.
Now price currently is at the midpoint of this range and despite the geo-political waterfall of bad news BTC has held up better than I had expected given that usually a rally that goes straight up has no support levels on the way back down. The chart does suggest a retest at $73,700 at some point before deciding which direction to go in after that.
GREEN ZONE (Distribution) - For the last 3 months Bitcoins price has been extremely volatile, bouncing between $91-108K, the range containing price perfectly with weekly retests of the range bottom and a swing fail of the range high. That SFP set off the beginning of BTCs sell-off eventually breaking through the bottom and back into the blue range.
With Bitcoin at the midpoint of the middle range it's a perfect time to have a data release in CPI, A volatile news event that can be a catalyst for a larger market move and with Tradfi selling off, this CPI is the most important of the Trump administrations term so far:
CPI DAY
PREVIOUS: 3.0%
FORECAST: 2.9%
ACTUAL: ??
Bullish - sub 2.8% print. At least the market sell-off is having a positive effect on inflation and isn't painful for no reason. BTC reclaims blue midpoint with a view to retest blue high.
Bearish - 2.9% or higher. Market sell-off hasn't has an immediate effect on inflation so the sell-off is bad in all aspects, except for the Trump admin moving closer to their wish of a weaker dollar and lower interest rates.
73K blue range bottom retest on the cards. Note
ACTUAL: 2.8% Below forecast and the markets like that initially.
Note
The battle for the midrange midpoint continues, for now the bulls have flipped the midpoint and retesting it as support. We'll know more about the direction of the market post FOMC. Note
So far the midpoint of the blue range has provided good support to push BTC higher in the short term, the real test is range high. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.