Bitcoin Faces Wyckoff Distribution Amid Increasing Altcoin Interest
Bitcoin Market Overview
The Bitcoin market is experiencing increasing selling pressure, indicating a potential deeper distribution phase.
Wyckoff Pattern Analysis
- Analyst Joao Wedson suggests a downturn risk based on the Wyckoff Distribution model.
- The model indicates institutional investors may be exiting the market while retail traders remain optimistic.
- Key phases identified include:
- Preliminary Supply (PSY) - Early signs of institutional sales.
- Buying Climax - Price peak due to exhausted demand.
- Automatic Reaction (AR) - Sharp price drop marking the bottom of distribution.
- Secondary Tests (ST) - Price retests highs with weaker momentum.
- Phases C and D show Signs of Weakness (SOW) and Last Point of Supply (LPSY), indicating demand fade and potential short setups.
Altcoin Market Activity
- Market makers are shifting focus to altcoins, which are moving out of accumulation zones.
- Bitcoin is in a weekly distribution phase with expected modest performance ahead.
- Predictions indicate a full rotation from BTC to altcoins and then to fiat by the end of 2025.
Current Bitcoin value is approximately $113,439, showing no significant change in the last 24 hours.
