Short-Term BTC Analysis

On the H1-M15 timeframe, BTC is currently in a corrective structure-a pullback following its approach to the 122k high.

From a technical standpoint:

1 Initial target: Likely to retest the 116,500 level, a key previous low supported by Fibonacci, EMA, and S&R confluence.

2 If supply remains strong at 116.5k-evidenced by heavy selling volume or lack of reversal signals—BTC could extend downward toward the CME futures gap between 115-114k. This gap is prone to being "filled" under significant selling pressure

3 Upon reaching the GAP (115-114K), BTC may then retest the previous Order Block (OB) just below, potentially establishing a base for the next leg up.

Short-term conclusion: BTC is in a structured down-move-first testing 116.5k.

Should that level fail to hold, the 115-114k CME GAP becomes the next logical target, potentially followed by a retest of the underlying OB.