$BTC - The price is breaking above and starting to reclaim the high-timeframe support range, marked in purple, which has been a strong reversal spot throughout 2024 and early this year.

If the price can durably reclaim this support range, that would be a clear sign of strength, and in that case, I would fully scale out of my hedges, as it would suggest that the mid-term bottom is most likely in and that the most probable outcome going forward is further upside.

A major test here is the 2D Bull Market Support Band, a strong reversal point over the last couple of months, which the price is now approaching.

However, another rejection at this level would be negative on the low-timeframes, as it could trigger a deeper pullback back inside the high-timeframe support range, aligning with the early-April bottoming formation.

That’s why I haven’t rushed to scale out of my hedges just yet.