BTC Biopsy (Wyckoff/VSA)

Here's my current take on where we are with Bitcoin. As it stands, all things point to further distribution. In the first half of the trading range (up to the UTAD), we saw an overall decrease in supply volume as the price action increased: this type of VSA divergence is bearish. In the second half, we are experiencing a pullback as supply volume increases in predominance -- also a bearish divergence between price and volume. A large accumulation spike on the 21st of last month was unable to rally from support, and since then we've seen further inability to overtake at range midpoint (0.5% Fibonacci). We've also seen notable supply spikes emerging each time the PA touches microtrend resistance.

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