Price has already tapped the purple demand zone BUT institutions may want to mitigate orders on lower time frames in this zone before proceeding to push to the most recent supply zone or all time high.
Weekly chart shows a mitigation to a weekly order block which can be possibly capitalized off of by a 4H bearish order block that price is currently retracing to.
Confirmations: Reversal Divergence on 4H on RSI/MACD. Wyckoff formation. Volume shows possible test of liquidity grab. Could go to Demand stone and then reverse. Most likely to creat a new high.
These are institutional levels where banks sold (to stop out traders) that need to be mitigated before banks/institutions want to continue buying bitcoin.
