This Bitcoin 1-hour chart presents a clear liquidity-driven, Smart Money structure. After a strong bullish impulse, price reaches the premium zone and a major supply / order block area near the previous highs, where buy-side liquidity is resting. The reaction in this zone — marked by long upper wicks and strong rejection candles — signals the presence of large sellers absorbing late buyer orders.
Following this interaction, price experiences a sharp and impulsive reversal, indicating the end of the distribution phase and the start of buy-side liquidity liquidation. This behavior aligns perfectly with a liquidity grab above equal highs, where the market first entices breakout buyers and then aggressively reverses direction. The absence of a newly formed bullish structure during this move further confirms buyer weakness.
On the downside, the highlighted blue zone represents a BPR + IFVG area on the 4-hour timeframe, acting as a key demand zone. This area reflects prior price imbalance and is highly likely to generate a reaction upon re-entry. The initial touch of this zone already produced a 15-minute rejection order block, suggesting short-term buyer participation, though not yet strong enough to shift the broader market bias.
Overall, as long as price remains below the upper supply zone and recent highs, the dominant narrative remains corrective to bearish, with any upward movement likely serving as a pullback rather than a trend reversal. Price behavior around the lower BPR zone will be critical — either a strong liquidity absorption and structure shift leads to a meaningful rebound, or a breakdown confirms continuation of the distribution phase and deeper downside.
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