Wyckoff and Fibonacci analysis of your provided BTC/USDT chart:
1. Wyckoff Analysis
Phase Identification:
Distribution Phase:
BTC peaked around $109,700 in early 2025, followed by a sharp decline — likely the Distribution Phase, where smart money exited positions.
Markdown Phase:
Price dropped steeply to around $74,500, signaling the Markdown Phase of the Wyckoff cycle.
Accumulation Phase:
From mid-March to April, BTC consolidated between $75,000 – $87,000. Increasing volume during this range suggests a potential Accumulation Phase.
Markup Phase (current):
BTC has now rallied to $97,000 – $98,