Bitcoin is not safe here.

The whole time it is under $66,000, there is a clear pathway to the Realised Cap at $54,000,
The consolidation under $66,000 only becomes a deviation once Bitcoin has reclaimed that level again.
If it does not reclaim, then it becomes a potential bearish consolidation that leads to deeper lows.
With the current corrective price action, this cannot be ruled out as impossible.
There are a few key things to note however.
This bottoming structure is almost identical to 2022.
And we were correctively moving back then also, with a very similar weekly candle to what we are getting right now.
That candle and the weeks that followed sent the timeline into a massive "$12k is coming" frenzy...
But it did not come, and Bitcoin began impulsing out of thin air.
We also had a bullish divergence, and the same percentage of coins sitting in a loss.
In 2022 we spent 10 weeks below $18,000.
Right now, we are 7 weeks since we tagged below $60,000.
The similarities are uncanny.
BUT... for all of this to confirm Bitcoin must get back above $66,000 on the weekly.
We can have all the data we want... but price is King.
Reclaim $66,000... we're going higher.
Lose $58,000.... $54,000 will come fast.
Fun fact:
If by a low chance, imo, we do get $54,000...
That will be at Quantile level 1.
That is the lowest reading and it means that Bitcoin, averagely, would be higher than that price 99% of the time moving forward.
That is Deep DEEP value.
I don't think it happens.