Passe — pas de trade

The 06:25 UTC 5m candle did close below the developing day POC at $64,935.5, but a developing POC is fair value and is not a qualifying level-reaction location; no confirmed rejection/reclaim has printed at the nearby developing VAH $64,990 or prior-day high $65,041.5. Corroboration is also mixed: CCV short bias and bearish 5m delta divergence oppose confirming-up CVD and healthy rising OI, so the required quality level and aligned broader read are missing.