The market is clearly showing seller exhaustion after constant outflows over the past 14 days. To me, this is bullish because it indicates that the circulating supply is being absorbed by strong hands despite the indecision in the price of $BTC . What the media overlooks is that leverage in derivatives has not grown proportionally to the price, suggesting a cleaner spot market that is less prone to massive cascade liquidations.
I've been trading $BTC under this structure since we reclaimed the 200-day moving average. While the price bounces between 62k and 66k, the depth of the order book on the demand side is greater than on the supply side. I'm trading $BTC looking for a solid consolidation above 67k to validate an extension towards 71k. If we lose 61,500, the setup gets invalidated, and I’d prefer to wait for a retest in the liquidity zone of 59k.
The market moves by flows and not by short-term expectations. I’m holding my position, waiting for the selling pressure to definitively dissipate at the opening of the US markets, where spot volume usually sets the direction. The setup invalidates if we close two 4-hour candlesticks below 61,200, at which point I will reduce exposure to recalibrate at lower levels.
Key data: The open interest of $BTC remains at levels of 34 billion dollars, while the funding rate has neutralized, allowing for more organic movement. Glassnode data reflects a net outflow of 12,000 units of $BTC from exchanges over the past week, a clear sign of cold accumulation. This is a proof of upgrade.
I've been trading $BTC under this structure since we reclaimed the 200-day moving average. While the price bounces between 62k and 66k, the depth of the order book on the demand side is greater than on the supply side. I'm trading $BTC looking for a solid consolidation above 67k to validate an extension towards 71k. If we lose 61,500, the setup gets invalidated, and I’d prefer to wait for a retest in the liquidity zone of 59k.
The market moves by flows and not by short-term expectations. I’m holding my position, waiting for the selling pressure to definitively dissipate at the opening of the US markets, where spot volume usually sets the direction. The setup invalidates if we close two 4-hour candlesticks below 61,200, at which point I will reduce exposure to recalibrate at lower levels.
Key data: The open interest of $BTC remains at levels of 34 billion dollars, while the funding rate has neutralized, allowing for more organic movement. Glassnode data reflects a net outflow of 12,000 units of $BTC from exchanges over the past week, a clear sign of cold accumulation. This is a proof of upgrade.