Long thesis

Tier-one pmVAH at $64,599 is being reclaimed: the closed 11:45 UTC 15-minute candle crossed through it from below and closed at $64,664, and price is now backtesting the level; the closed 13:35 UTC 5-minute candle sharpened this with a wick below and close back above. The long is corroborated by the up 4-hour close, price holding above daily VWAP, confirming-up CVD and bullish 5-minute delta divergence; mildly positive funding is not extreme, while falling OI shows short covering and warrants a quick T1 rather than invalidating the structure. The stop is about 0.2% beyond the $64,575.5 retest wick, T1 is the nearby settled previous-day high, and T2 is the developing day high; risk to T2 is 2.11:1.