Bitcoin continues to trade within a bearish higher-timeframe structure after the impulsive selloff from the June highs.

Following the decline, price attempted to retrace but failed to reclaim premium pricing. The Daily SIBI (Sell-Side Imbalance) continues to cap every rally, while SMT divergence with Ethereum at the recent highs suggests underlying weakness rather than accumulation.

The current consolidation appears to be order pairing before another expansion lower. Price is respecting Low Resistance Liquidity (LRLR), indicating that sellers remain in control and that recent rallies are being absorbed rather than accepted.

What I'm Watching
- Daily SIBI continuing to act as resistance.
- Lower highs maintaining the bearish structure.
- Current range resolving to the downside.
- Acceptance below the current consolidation.

Downside Targets
- July sell-side liquidity.
- Equal lows below the current range.
- Higher-timeframe sell-side liquidity near the major swing lows.

Invalidation
A strong daily close above the Daily SIBI and acceptance above the recent lower highs would invalidate my current bearish thesis.