"The market is in a confirmed Markup phase with bullish structure, characterized by price trading above key EMAs and supported by volume expansion."
Bitcoin (BTC/USD) is currently exhibiting a classic 'Markup' phase within the primary trend. Market structure on the daily timeframe is characterized by a definitive sequence of Higher Highs (HH) and Higher Lows (HL). The price is currently maintaining a position above the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), with the 50-day EMA acting as dynamic support during minor retracements. A recent breach of the horizontal resistance at the $68,400 level was validated by a 12% increase in relative volume, indicating strong trend conviction. The Volume Profile Visible Range (VPVR) shows a High Volume Node (HVN) established near $64,500, which now serves as a primary structural support zone. There are no immediate signs of bearish divergence on momentum oscillators, and the absence of high-volume sell-offs suggests that distribution has not yet commenced. Short-term bias remains positive as long as price maintains its position above the $66,200 swing low.