BTCUSD Short

The broader market structure on BTC/USD (15-minute) is firmly bearish, confirmed by a decisive Change of Character (CHoCH) around 119,400, where price broke below a prior higher low and initiated a structural shift. This was followed by strong impulsive downside movement, confirming that sellers are now in control. The previous bullish structure has been fully invalidated, with clear lower highs and lower lows forming as price continues to respect supply levels while failing to hold at short-term demand zones.

The upper supply regions between 121,000–122,000 and 119,200–119,600 remain strong, as each time price reached these areas, sellers reacted with high momentum and wide-bodied bearish candles—evidence that institutional orders are likely resting there. In contrast, the nearby demand levels between 117,200–116,800 and further below at 115,000–114,400 are untested zones from prior consolidation. While buyers may attempt to defend these regions, the sharp downward momentum suggests the upper demand may not hold if retested quickly.

Within the marked region, price is consolidating slightly after a steep selloff, showing small-bodied candles with lower wicks but no strong bullish follow-through. This suggests temporary absorption before another leg lower. A minor retracement toward 118,400–118,600 (a re-test of the broken structure and lower supply) is possible before continuation to the 116,400–115,000 demand range. If that deeper zone is reached, a more meaningful bullish response could occur as short sellers begin to take profit.

Footprint analysis (if observed here) would likely show heavy sell imbalances and stacked negative delta at the lows, confirming aggressive market selling pressure. Volume tapering slightly on this decline would indicate temporary exhaustion, but until clear absorption or a delta flip appears near demand, buyers remain weak.

Trade bias: bearish continuation, with potential short entries on pullbacks to 118,400–118,600.
Key invalidation level: sustained break and close above 119,600, which would signal a structural shift and invalidate the bearish bias.
Momentum: strongly favors sellers; no divergence or reversal pattern visible yet.
There’s no major macro catalyst driving this move at present—price action remains purely technical, guided by order flow and supply dominance.