I’m neutral here, just sharing what the chart shows. I’m neither on the bull side nor the bear side; whenever I choose one, I get labeled, so I’m keeping it straightforward.

Today, BTC reached a new all-time high (ATH) of $89,956, following a series of record-breaking highs: $74k, $76k, $79k, $82k, and now $89k—around five consecutive ATHs. After reaching today’s high, BTC reversed sharply, falling to $85,336 due to selling pressure. Positive sentiment and renewed buying pressure then lifted it back to $86,579, closing the hourly candle.

Looking at the chart, I observe BTC “closing the block.” Cryptocurrencies, in general, tend to move in block patterns, not just BTC. This “block” concept is based on my own observations—I’m not sure if it’s an officially recognized pattern, but it’s how I view price movements.

In an uptrend, a block is created, followed by a bullish move, then a correction that typically drops the RSI. Multiple blocks usually form in a bullish rally—often 2–3 but sometimes even more. Recently, BTC created numerous blocks while hitting consecutive ATHs.

Today’s reversal seems to be forming a downward block, but it isn’t yet complete. BTC has pulled back, but it may retrace to a specific level before falling again to create another block of candles. If BTC forms another block here, then a reversal action is confirmed, potentially signaling a shift from an uptrend to a downtrend. Earlier, BTC formed a long downward candle as part of a block but retraced to complete it.

The question remains whether BTC will “fake” this block, as it sometimes does with support or resistance breakouts. At the time of writing, BTC is at $85,300 and trending downward, but remember that a block formation is imminent. If a sudden drop occurs, a strong reversal often follows.

That’s how I interpret candle and trend formations. I hope this perspective clarifies things.

#cryptomarketcapATH #WillBTCBreak100KSoon #EmperorMajesty #BTCBreaks89k #BTC1D