According to CrypNuevo, the W pattern for Bitcoin has played out, allowing for futures trading with easy invalidation below the lows. However, it is premature to assert a bullish momentum since Bitcoin remains below the main resistance level of $91.5k and is experiencing choppy consolidation between the 1D50EMA and 1W50EMA. This suggests caution as the market lacks clear bullish signals above these critical resistance levels.

According to CrypNuevo, Bitcoin is currently experiencing compression between the 1-week 50 EMA and the 1-day 50 EMA, which historically precedes an aggressive market move. The pattern suggests potential for multiple retests of the bull market support before a decisive movement occurs.

According to CrypNuevo, Bitcoin faced a rejection at the 1D50EMA resistance, which led to a drop below the range lows, opening a path to further downside. The asset has now filled both the new CME gap and 50% of the 1W wick, as anticipated in previous analyses.