Technical analysis by afurs1 about Symbol BTC on 10/12/2025

In the past 24 hours, the crypto market has experienced a significant wave of liquidations, with estimates ranging from several hundred million to over one billion USD. Bitcoin’s share of these liquidations appears relatively modest—amounting to tens of millions—while the majority of forced exits have occurred in altcoins and leveraged positions. After briefly dipping toward the $100K level, Bitcoin’s price action formed a substantial downside wick, suggesting an area that sellers may look to retest should further downward pressure persist. I’m currently watching for a potential scalp short opportunity just below $120K, as overall crypto enthusiasm—particularly in altcoins—appears to be fading. That said, even if the price revisits the $100K zone, I wouldn’t turn excessively bearish. Historically, similar periods of panic have coincided with major market bottoms, such as during the COVID crash, which ultimately preceded a parabolic rally. Additionally, I’ve identified what may be a complex Elliott Wave structure known as a Triple Combination Correction, consisting of multiple ABC (three-wave zigzag) formations. Elliott characterized these as corrective patterns that often maintain mathematical relationships to preceding waves—relationships that can be measured using a trend-based Fibonacci extension across the three initial pivots. Traders commonly refer to such projections as “measured moves.” This price behavior also aligns with Wyckoff’s principles of distribution, in which the secondary X-wave represents the UTAD (Upthrust After Distribution) before price retraces toward the origin of the W-wave. For additional confluence, I’m monitoring key support areas such as the previous low VWAP. For now, however, my primary focus remains on observing the likelihood of a bounce between $98K and $100K, based on the outlined technical structures.Slowly making the way uptextbook anchored vwap rejectionCould be getting the downside here