Market Sentiment - The analysis suggests a compelling case for bears calling a market top, with a clear invalidation point [1] - Gold and Equities have been outperforming BTC, indicating potential weakness in BTC if a market washout occurs [1] - The current price action (PA) is noted to be very similar to past market tops, but past performance is not a guarantee of future results [3] Key Technical Levels for BTC - The $109,000 - $111,000 range is identified as a crucial defense level; losing this area would invalidate short-term long positions [2] - The weekly structure remains bullish as long as there is no high timeframe (HTF) close below $98,000 [2]

Market Analysis & Trading Signals - The analysis identifies a short signal based on weekly sweep and H12 bearish structure break, suggesting a potential short position with a retest of the bearish breaker [1] - Each Bitcoin bounce has led to Alts pushing hard down the risk curve, that also can be considered a top signal [2] - The analyst is still bullish overall, but acknowledges the short-term bearish signals [1][3] Economic Factors & Potential Catalysts - The market anticipates a 25 bps rate cut at the upcoming FOMC meeting [2] - Equities are pushing All-Time Highs (ATHs) as is gold, questioning if Bitcoin is lagging behind [2] Risk Management - The invalidation point for the short position is clearly defined at the All-Time High (ATH) [2] - Sustained price action below $110,000 is considered a short-term invalidation for bullishness [3]