$BTC

This is the first time in this bear phase where price and OI have really pulled apart on a mid-timeframe.

Six weeks straight up…
while OI just bleeds out the whole way.

That’s not fresh longs stepping in. Not really.
That’s shorts getting squeezed, taking profit, closing out… one by one.

A lot of them saw 60k and said “yeah, that’s enough.”
They closed. That exit flow pushed price higher.

But here’s the thing…
that kind of move doesn’t mean real demand is back.

In a strong trend reversal, OI expands.
Shorts close → longs replace them → new money comes in.
You feel that shift. It builds.

This… doesn’t have that.

It’s been one-sided the whole way.
More like air getting let out than fuel getting added.

And that matters.

Because short covering has a ceiling.
Once the last weak short is gone… that bid disappears.

Then what?

Who’s left to push it higher?

That’s the part people don’t think about.
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