BTC - Watch Daily CloseBitcoin / TetherUSBINANCE:BTCUSDTVIAQUANTFor the past few weeks I have been outlining how BTC has formed a significant bottom and would be rallying toward $72,000 to $74,000. So far this is exactly what has happened, and BTC is now at the final hurdle before this next major leg of the move can be completed. Let's begin by examining my last idea. Watch how price action has played off of it to understand the current market structure: In that idea I was outlining the lower timeframe structure on the 1H chart, showing how the primary retest was completed and volume supported. What happened next is key. On the lower timeframe, market makers did push price below the trendline for a liquidity sweep, but by the daily close, price was pushed back above the trendline: This was the most important factor, as it showed the retest was supported by the candle bodies on the daily timeframe. Fast forward to yesterday, and price briefly wicked down to the trendline once again on the daily timeframe, but has already increased over 6% since that retest. The other important development is that price has now had two successful tests back above the 50 MA, showing that short term momentum has firmly flipped back to the upside. The major thing I pointed out in that last post, and want to reiterate here, is the daily close. For this breakout to be successful and push price back into the $70,000 region, BTC must reclaim $66,300 with a confirmed daily close. Upon doing so, Bitcoin should have the fuel to rally swiftly and push toward the 1.618 extension target I have outlined around $73,150. Once price reaches that zone, that is when it becomes decision time. Either the bottom has been solidified and price breaks higher from there, or that region becomes the next lower high in the bear market trend, with one final capitulation move remaining before Bitcoin reaches the true bottom. I will make a follow up post on what that could look like very soon. One other thing worth noting as price attempts to break above the red box I outlined in the last post is USDT.D. Upon BTC closing a daily candle above $66,300, it is important to also see a daily candle close below my "key level" in terms of Tether dominance. Right now both are aligning exactly as they should, so it will be critical to watch how today's and tomorrow's candles close on both charts: