Bitcoin’s latest pullback has not persuaded Blackbay Capital president Todd Butterfield to re-enter the market. In a fresh BTC/USD daily chart on Bitfinex, shared on X, the Wyckoff specialist reiterates: “Yes, I am still on the sidelines with#BTC. Our Wyckoff indicators are still not flashing BUY. We are new below the .382 retracement as well…”.
Below price, three proprietary Wyckoff indicators drive his decision to stay sidelined. The Wyckoff Optimism–Pessimism (Aggregate, 5) line trends steadily lower and now sits near –520.89K, signalling persistent net selling throughout the distribution. The Wyckoff Force (Aggregate, 10) indicator has rolled into negative territory at around –852.3, reflecting downside progress backed by meaningful volume, particularly on the SOW and follow-through selling.
The Wyckoff Technometer (Aggregate, 50, 38, 5), plotted as an orange oscillator, has repeatedly flagged overbought conditions above the 50 line near earlier peaks in June, July, August and October. Today it reads 40.7—below overbought yet still above the oversold band around 38. In Butterfield’s framework, that mid-range reading does not qualify as a low-risk buy zone.
At press time, BTC traded at $91,570.
