Price saw a strong bounce from a key HTF support level while funding mostly stayed positive throughout the move.
At the same time, open interest has slowly started increasing again after cooling off for a while, showing that leverage is beginning to build back up.
Meanwhile, spot demand remains relatively weak for now, suggesting that the current move is still lacking strong spot participation.
This creates a rather mixed picture overall.
As long as spot demand doesn’t start picking up again, there’s still a decent chance this bounce turns into nothing more than another lower high.
Monthly close is coming up and so far May is still on track to close green.
If BTC manages to close above $76.3k, this would mark three consecutive green monthly candles in a row.
What makes this interesting is that this is something that has never happened during a bear market before.
While this doesn’t automatically mean that the bear market is over, it definitely shows that current price action is behaving differently from what we’ve historically seen during prolonged bear markets.
With that said, we still have a few days left until the monthly close, so this will definitely be an important level to watch.
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