Short thesis

The 03:00 UTC 5m candle swept the settled previous-day POC at $62,499.5 (high $62,503.9) and closed back below it at $62,439.8, confirming a bearish rejection/failed auction rather than an entry on proximity. The rejection is corroborated by bearish 5m delta divergence, positive funding, the bearish prior-day structure, and rising 4h OI into resistance suggesting fresh longs may be trapped; the confirming-up 4h CVD is the counter-signal, so risk stays tight. Entry is at the trigger close/current price, with invalidation just beyond the sweep wick at $62,510; T1 is daily VWAP at $62,382.7 and T2 is the developing day VAL at $62,299. Risk to T2 is $140.6 versus $70.4, approximately 2.00:1; half is booked at T1 and the remainder moves to breakeven.