Technical analysis by The_Alchemist_Trader_ about Symbol BTC: Sell recommendation (5/3/2025)

Bitcoin is currently perched at a critical inflection point, with price action stalling at a major daily supply zone and 0.618 Fibonacci resistance. This region has acted as a key decision point in recent months, and now stands as a potential trigger for the next leg down.If Bitcoin confirms rejection from this level, it could mark the beginning of the C-leg in a broader ABC corrective structure. The implications are clear: a move back toward the 0.618 Fibonacci support could unfold quickly, especially if price fails to maintain a foothold above this resistance.This area is also the upper boundary of a descending channel that’s held since November 2024 — a structure that’s added considerable technical confluence and credibility to the current bearish outlook.From a trader’s lens, we are still trading at resistance until proven otherwise. Without a clean breakout and hold above this range, the bias remains to the downside. A confirmed breakout above would invalidate the bearish thesis, but until then, risk is skewed toward further downside as the market digests recent gains.