Is $BTC ‌ finally about to pull a fast one on us?

Looking at the 1h chart, we just survived a nasty drop down to $68,308 where it felt like the floor was falling out. But the recovery back above $70k happened way faster than I expected, which usually means there's some serious limit orders sitting down there.
The price is currently sitting at $70,284 but look at that order book. It is heavily skewed with nearly 80% on the sell side right now. That is a massive wall of resistance to chew through if we want to see $72k again anytime soon.
We’re basically stuck in this choppy range between $68.3k and $72.2k. Until we see a candle close with some real volume above $71k, this just looks like a dead cat bounce waiting to get rejected.
I’m staying cautious here because a fakeout above $70.5k followed by a dump would trap a lot of late longs.

#BitcoinBouncesBack