Bitcoin 2H Rejection from Supply – Pullback Before ContinuationOn 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.
Short
