Passe — pas de trade

The gate fired on a 5-minute close below dVAL ($77,741) — but a 5m close is never a valid trigger on this book, and the most recent CLOSED 15m candle (02:00 UTC, C $77,713.0) is a 2-BTC nothing candle sitting inside the same $77,589–$77,910 chop that has held all session; there is no 15-minute close through or rejection of a level worth trading. Price is pinned between dVAL/dPOC/VWAP/D-Open ($77,741–$77,802) in dead overnight volume with Delta 5m flat (+0.8 BTC) — a poor, no-response reaction at the level, exactly the pass condition. Structure is also two-sided: yesterday closed down hard from $81,468 but the 4H closed up and OI is rising into a compressing balance, so no corroborated directional read.