Passed — no trade

The gate fired on a 5-minute close below dVAL ($64,971), but a 5m close is never a valid trigger on this book — the most recent CLOSED 15m candle (12:15 UTC, C $64,957.2) only just slipped under the level with 2.5 BTC of volume and no delta response (Delta 5m flat, +4.7 BTC/30m), so there is no confirming 15m close through or rejection at the level and the reaction quality is poor. Structure is also unclear: price is chopping in the middle of a tight $64,878–$65,320 balance between VWAP $65,077 above and D/W-Open $64,813 below, with no trend to join, and 4h OI is falling (short covering) rather than trapping anyone. No trigger, poor reaction, mid-range location — pass.