Key Points

• The recent slump in Bitcoin’s price momentum suggests a possible decline in targets, with warnings from Wyckoff analysis indicating that the $100,000 support could be at risk.
• A move towards $122,000 seems unattractive, particularly given the daily time frame rejections.
• Highlighted is the CME gap near $117,500, which remains a focal point.

Bitcoin (BTC) is at risk of falling short of its Bull Run if the $100,000 target fails to hold.

Traders are voicing concerns about Bitcoin’s current “distribution phase,” as noted in the recent Zayk charts released on Tuesday.

BTC Price Wyckoff Schematic Eyes “$95,000 Zone”

Bitcoin’s stability could falter if it loses the $100,000 support. Since the start of 2025, it has struggled to maintain above the previous highs.

Zayk Charts suggest that a drop to the $95,000 mark is looming, a level unseen since early May.

Using the Wyckoff method, Zayk Charts indicate that BTC/USDT has experienced a classic “markup” rebound from long-term lows, and is now entering a “distribution” phase, where upward trends typically reverse.

“After confirming strong accumulation phases in March—a positive RSI divergence—BTC has reached new highs,” remarks X-Post.

“Currently, price action indicates signs of the distribution phase. The weak lateral movements and bearish RSI divergence point to potential markdowns towards the 95K area.”

The $92,000-$95,000 area has been a significant focus for Bitcoin’s price action since last November, acting as both support and resistance during market fluctuations.

Trader Mikybull Crypto highlighted the current push past $122,000 this week, noting that BTC/USD has returned to its previous range, favoring altcoins.

This situation is not favorable for Bitcoin.

Incidentally, returning to the previous range is beneficial for altcoins.

CME Gap Advances US CPI Report

Other market participants are more cautious, including traders like Dern Crypto Trades, who are focusing on the CME Group’s Bitcoin futures gaps.

“$BTC will retest earlier trendlines. The 4H 200mA/EMA is approaching,” they stated, referencing the average from the last 200 periods on a four-hour timeframe.

“However, it’s important to remember the CME gap of about $117,000, which has a 4H 200mA (purple) confluence, providing insight into potential altcoin movements.”

As major U.S. macroeconomic data is set to be released, expectations for volatility are high, particularly surrounding the day’s consumer price index (CPI) figures.

Market participants anticipate that significant results will have an immediate impact on crypto and other risk assets.