BTC is being rejected by the 83,200–84,000 supply zone, and the pullback has yet to stop.
The 04:00–08:00 block closed at $83,696, down 0.60%, with a red candle closing near the block's low. Net selling totaled 499.83 BTC—more than in the previous block (-481.05 BTC), with sellers firmly in control for two consecutive blocks. During the block, buyers had 29.76 BTC liquidated, compared with just 0.41 BTC for sellers.
At 10:24, the price retreated to $82,844—just below the lower edge of the intraday supply zone, with no confirmed candle close below it yet. Open interest stood at $8.084 billion, down 0.428% during the block; funding rates across exchanges were around zero, with some slightly negative. The standard 4-hour RSI (with the 07:00 candle close) was at 63.3—the momentum has not broken down, so I see this move as a correction for now, not a reversal.
I lean toward further correction: a 4-hour candle close below $83,200 would confirm downward momentum. The nearest support is $81,500; a break below that could extend the decline to $79,000. If a 4-hour candle closes back above $84,377, I’ll abandon this bearish scenario. $BTC #Bitcoin
The 04:00–08:00 block closed at $83,696, down 0.60%, with a red candle closing near the block's low. Net selling totaled 499.83 BTC—more than in the previous block (-481.05 BTC), with sellers firmly in control for two consecutive blocks. During the block, buyers had 29.76 BTC liquidated, compared with just 0.41 BTC for sellers.
At 10:24, the price retreated to $82,844—just below the lower edge of the intraday supply zone, with no confirmed candle close below it yet. Open interest stood at $8.084 billion, down 0.428% during the block; funding rates across exchanges were around zero, with some slightly negative. The standard 4-hour RSI (with the 07:00 candle close) was at 63.3—the momentum has not broken down, so I see this move as a correction for now, not a reversal.
I lean toward further correction: a 4-hour candle close below $83,200 would confirm downward momentum. The nearest support is $81,500; a break below that could extend the decline to $79,000. If a 4-hour candle closes back above $84,377, I’ll abandon this bearish scenario. $BTC #Bitcoin