$BTC - The price has once again rejected at the prior high-timeframe support range, marked in purple, which has been a strong reversal spot over the last couple of months, following a brief deviation above the 1D Bull Market Support Band, something I covered in my prior update. This rejection is a clear sign of weakness.

Now, the price has once again lost both the support band and the high-timeframe support range marked in purple.

Because of this, I’m tracking the market structure very closely.

I don’t want to take a more decisive stance on the low-timeframes based on a low-liquidity, low-volume weekend move, but if the weakness continues today as well, I’ll be looking to scale back into partial hedges to mitigate the short-term downside risk.

A durable breakdown here would open the door for a deeper pullback into the high-timeframe support range aligning with the early-April bottoming formation, before a more durable reversal to the upside.