Bitcoin Below FVG Shelf as Ethereum Holds Up Better

A recent distribution scenario played out in Bitcoin's price action, leading to a correction and a flush of long positions. The asset has been trading below its local 4H FVG shelf at $84,000-$85,000, with several attempts to reclaim the resistance zone but no successful closes above it.

The short position, opened on Monday, has fully justified itself as price moved lower, and some size was taken off twice with stop-losses moved to breakeven. The current structure shows a clear downtrend with lower highs formed since September 23.

Overhead resistance is the upper boundary of the 4H FVG zone in the $84,000-$85,000 block, while last week's high extremes sit above at $87,385.1 and $88,078.2. The first downside target is a sweep of last month's high at $81,500.

Ethereum has been holding up better than Bitcoin but still maintains a local bearish structure. It played out the impulsive sweep at Monday's open and updated its highs to PWH at $2,806.76 before reversing and correcting for the rest of the week.

The asset is now trading near $2,646, holding on the lower edge of its 4H FVG. The structure has remained bearish since September 22, with each local high lower than the previous one. However, relative strength in a falling market often works against buyers, creating an incentive for market makers to sweep accumulated stops and send prices lower.