On the 2-hour timeframe, Bitcoin (BTC/USD) has reacted sharply from a marked supply zone near the 69,500–70,000 region. Price tapped into higher-timeframe supply and immediately printed a strong rejection, suggesting sellers are defending this area aggressively.
Structurally, the recent move shows a strong impulsive rally from the 62,000–63,000 demand zone, followed by a sharp upside spike that appears to have taken liquidity above prior highs. However, the rejection wick at supply indicates a potential short-term distribution phase rather than immediate continuation.
Currently, price is hovering around 68,000. If BTC fails to reclaim and hold above the 69,000 level, a corrective move toward the 66,500–67,000 imbalance area becomes likely. A deeper retracement could revisit the 64,000–65,000 region, where prior structure (BOS level) and demand sit.
On the bullish side, if buyers absorb selling pressure and price consolidates above 68,000, a second attempt into 70,000 is possible. A clean 2H close above supply would invalidate the short-term bearish pullback scenario and open upside liquidity toward the 71,000–72,000 region.
Overall, the expected move in the short term favors a pullback from supply before any sustainable continuation higher. The reaction at 69.5K–70K is key — rejection confirms retracement, acceptance confirms breakout.
Structurally, the recent move shows a strong impulsive rally from the 62,000–63,000 demand zone, followed by a sharp upside spike that appears to have taken liquidity above prior highs. However, the rejection wick at supply indicates a potential short-term distribution phase rather than immediate continuation.
Currently, price is hovering around 68,000. If BTC fails to reclaim and hold above the 69,000 level, a corrective move toward the 66,500–67,000 imbalance area becomes likely. A deeper retracement could revisit the 64,000–65,000 region, where prior structure (BOS level) and demand sit.
On the bullish side, if buyers absorb selling pressure and price consolidates above 68,000, a second attempt into 70,000 is possible. A clean 2H close above supply would invalidate the short-term bearish pullback scenario and open upside liquidity toward the 71,000–72,000 region.
Overall, the expected move in the short term favors a pullback from supply before any sustainable continuation higher. The reaction at 69.5K–70K is key — rejection confirms retracement, acceptance confirms breakout.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.