Bitcoin on the higher timeframe is telling a very different story compared to the short-term charts. Sitting around 67.5k after rejecting from the 69-70k region, price is struggling to build any real continuation.
That 69k-70k zone is clearly acting as supply right now. Every push into that area is getting sold into rather than accepted, which aligns with your view. The reaction isn't strong enough to suggest buyers are ready to reclaim control yet.
What stands out more is the broader structure. BTC is trading below all the key weekly EMAs (7, 25, 99), and they're all trending downward. That's not the kind of environment where sustained upside usually develops. It's more typical to see lower highs form and pressure build gradually to the downside.