$BTC - The price continues to reject at the lost high-timeframe support range marked in purple, aligning with the 1D Bull Market Support Band, a spot that has been a strong reversal zone for months.

This repeated failure to reclaim it is a clear sign of short-term weakness.

Because of this, I believe the best approach is to stay cautious until we see a durable break and reclaim of both the range and the support band.

If we get another rejection, even though sentiment is shaky and crypto has underperformed for weeks, and even though I do think a rotation into risk-assets is coming soon, we still need to be prepared for the less comfortable scenarios.

That’s why I’m keeping cash on the side, ready to hedge part of my spot holdings if needed, to mitigate short-term downside risk.

A rejection here could open the door for a deeper pullback toward the high-timeframe support range aligning with the early-April bottoming formation, before a more durable reversal.

That is not my base case, but it is a scenario worth preparing for.