Bitcoin Coinbase absorption, not control On the 4H TF, BTC has been trading in a wide range since early February. Price flushed from the high-$90K area into a local low near $60K on Feb 6, then recovered into the $76K area by mid-March. That recovery had real effort behind it. From the February low into the March high area, volume delta was positive near +28K. But the move did not hold. BTC reached the upper part of the range near $76K, failed there, and later dropped back into the $65K-$66K area. Price is now near $68K. From the March high, net delta turned negative near -8K, while Coinbase Premium stayed weak, averaging around -22. That matters. The February low was absorbed, but the range has not turned into clean Coinbase demand control. The more recent structure says the same thing. Since the March 29 low, net delta is slightly positive near +4K, but price is only up around 1.7%. Coinbase Premium is still negative on average, near -23, and was negative in most 4H TF in that stretch. The latest rejection near $70.4K confirms the problem. Price lost that level quickly, with net delta around -2.4K since the rejection and premium back below zero. Buyers are defending the lower part of the range. They are not controlling the upper part. Absorption is visible. Demand leadership is not 🧸 DYOR