$BTC - It’s finally time for an update.

Over the past few days, as I covered in my prior PAT Updates, I said I was tracking the market structure very closely on the low-timeframes and staying cautious until clear signs of a breakout emerged before fully scaling out of my hedges and taking a decisive bullish stance.

Now, it seems the price has failed to break above and reclaim the lost high-timeframe support range, marked in purple, a zone that acted as a strong reversal area throughout 2024 and early this year.

This failure is a clear sign of weakness. Because of this, I believe we could see a deeper pullback on the low-timeframes before a more durable breakout develops.

However, nothing has really changed in my overall positioning. Even with this rejection, I’m still in part of my hedges, after reducing exposure inside the high-timeframe support range marked in blue, aligning with the early-April bottoming formation.

Until we see clear signs of strength and a confirmed breakout, I won’t be scaling out of these hedges, and I’ll remain prepared for more rejections and consolidation in the coming days.