$BTC LTF Update

Price rejected the pMonth VAH zone (~108,650) after failing to build acceptance above the dWeek VWAP (108,822). That rejection initiated a clean leg lower into 104k - now forming a range around 105k just below the 30D and 7D VWAPs, with price getting repeatedly capped by that cluster.

Market Structure

We’re rotating under composite resistance - 105,700 is the 16day CVAH.

Rolling VWAP stack still upsloping but flattening.

No initiative buyer follow-up after the initial bounce off pMonth VWAP.

Key Levels

Bullish LIS - reclaim of 105,700–105,900 cluster

Bearish LIS - failure to hold above 104,500 (pWeek VWAP)

HTF risk threshold remains around 108,600–108,800

Scenarios

Bullish case - reclaim 105,900 = potential long back into 107,300 and eventually 108,600+. Entry must come on strength.

Bearish case - failure to reclaim VWAP cluster - short on lower high against 105,500 targeting 104,000–103,000 range low.

Neutral - chop in this range until ETF flows and macro drive a breakout.

Until a decisive move above or below this VWAP cluster, this remains a scalper’s market. No swing longs unless 105,900+ is confirmed as support.