Bitcoin is currently displaying a classic rejection pattern from a major upper volume profile level, hovering around the $71,000–$71,500 zone, as clearly illustrated in the attached TradingView chart ⬇️
⬆️ The prominent white horizontal line marks a high-volume node (HVN) — a densely traded price area that has repeatedly acted as formidable resistance in recent sessions.The volume profile histogram on the left (blue/red bars) reveals heavy accumulation between roughly $69,000 and $71,000 earlier. After a notable pullback that found support near $68,300–$68,400 (current price action around $68,346 as marked), Bitcoin has returned to test this significant shelf from below
The latest candle shows a strong upper wick rejection with the body closing lower, yet crucially still holding above key recent lows — textbook behavior when approaching a high-volume resistance during an ongoing accumulation phase.This isn't bearish distribution; it's absorption
Multiple technical elements reinforce a bullish outlook for an explosive move in the coming hours:Higher timeframe structure (daily/weekly) remains firmly bullish, with price well above the prior major demand zone (~$58k–$62k)
Just above the current HVN lies a low-volume node (LVN) extending toward $72,000+. A clean close above $71,200–$71,500 would propel price through this "air pocket" with little overhead supply, often leading to accelerated, low-resistance rallies
Momentum indicators on lower timeframes show bullish divergence during the dip, signaling weakening downside pressure
Sentiment-wise, repeated failures to break higher have likely flushed out weak hands and leveraged shorts
The current sideways grind frustrates retail while institutions quietly accumulate
We're deep in an advanced accumulation stage
Smart money appears to be loading positions patiently amid the frustration and chop. The longer Bitcoin coils tightly under this volume shelf without breaking lower, the higher the probability — and magnitude — of the eventual breakout
Near-term expectation: Watch for a decisive close (hourly or 4H) above the $71k resistance cluster
This could trigger cascading short-covering and FOMO entries, targeting an initial rapid move to $74,000–$76,000, with further extension possible toward $80k+ if broader market conditions (risk-on equities, ETF flows, macro liquidity) stay supportive.Patience remains critical
Avoid chasing or forcing entries on wicks below the shelf
Optimal setups include:Buying confirmed breakout + successful retest of $71k as new support, or
Scaling in on any deeper liquidity grab toward $68,800–$69,200 (still inside the accumulation range)
In short: Bitcoin's rejection from the upper volume level is not a top signal — it's the final shakeout. This is the textbook calm before the storm
An explosive leg higher looks imminent within hours to days. Stay disciplined, manage risk, and prepare for volatility — the next confirmed thrust could be sharp and powerful
#MarketRebound #MarketCorrection #bitcoin