This position indeed seems to be brewing something.

From a technical perspective, the Bitcoin $BTC fluctuation range has been maintained for a while. The daily support level has not been truly tested yet. If a spike were to happen, it should be soon.

April at this time is also quite crucial. Historically, before the second quarter starts, the market often experiences a wave of cleansing. Currently, the funding fee is still relatively high, indicating that bullish sentiment has not fully released.

I personally feel that if a spike does occur, the magnitude might be deeper than most people expect. After all, there is still quite a bit of leverage.