BITCOIN AT CRITITAL ZONE - HIGHER HIGH OR DEVIATION TOP?

September came to a close with ~7.3% gain on 1M Candle. However, our scenario for BTC is still intact. Let's quickly dive in what current PA is showing.

62k - 65k level has been a critical level over the past fortnight. We also pointed out several signs of exhaustion at this level on our last article. Nevertheless, this level is still a puzzle to solve as it gives us some aspects to analyse in order to fully determine PA in next couple weeks.

Aspect 1: LIQUIDITY

Levels to watch: 57.5k - 58k and 55.5k - 56k.
What to expect: passive spot bidders quickly step in at these lows to maintain HHs/HLS structure on HTF and drive price to >70k.

Aspect 2: DAILY PA STRUCTURE

Levels to watch: if Aspect 1 doesn't play out (turquoise-coloured path) then 62k - 65k becomes an upside liquidity grab for further downside expansion. PA from August Low (49k) til now becomes CORRECTIVE move.
What to expect: downside expansion to fill the wick at 49k or a bit lower (orange-coloured and/or red-coloured path)

Aspect 3: PERPS & SPOT VOLUMES: What about consolidation in March 2023 - October 2023?

Difference in Spot bidders at Range Low: PA was driven significantly by passive spot bidders at 24k - 26k. Spot volume appeared much "thicker" than Perps volume. Currently, our Spot volume at 49k Range Low looks very slim compared to Perps volume.
This potentially means that PA structure from 49k til now is CORRECTIVE move, rather than impulse.

March 2023- October 2023: