The $BTC flushes inside this range are getting less violent — and that's telling you something.

Perp participation keeps dropping while spot volume is making higher lows. Translation: most of the selling pressure is levered traders getting shaken out, not actual spot distribution.

That underlying spot demand is catching the perp sell flow and keeping price controlled on dips. As long as that holds, this range can keep grinding out leverage without triggering the same violent cascades.

Chart structure stays intact. Spot bids absorbing paper hands. Range compression doing its job.