Delphi markets analyst @that1618guy walks through both the bullish and bearish structures forming on BTC right now.

The bullish case treats this as an ABC corrective pullback that needs a clean completion and a break above 103.5k to validate.

The bearish case is that this current rebound puts in a lower high anywhere below 103.5k, which will setup the next wave down to complete the full 5 wave impulse down before a larger sustained relief rally.

Stablecoin metrics are also worth watching.

USDT dominance is breaking out of a long term downtrend and supply is contracting on the weekly, which is not the ideal backdrop you typically see before sustained upside.

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