$BTC State of the Market & My View
Funding rates remain positive, while Coinbase is seeing heavy spot selling and its deepest discount in roughly two months. At the same time, Open Interest continues to rise.
Price is slowly bleeding lower as dip-buying longs continue getting squeezed.
For a short-term reversal, I’d want to see a proper long flush first , Open Interest dropping significantly and shorts beginning to cover.
ETF outflows also hit their highest level in weeks yesterday, and today looks like it could bring more selling pressure. That spot selling needs to slow down as well.
Right now, I’m seeing none of those conditions. So I’m staying patient and avoiding the long side until the market clears some of this leverage or gives us a proper liquidation candle.
For the bulls, $83K remains the key level to reclaim. Getting back above it could squeeze late shorts and trigger some relief. Daily closes above $83K would be especially important.
On the downside, $75K and $72K remain the main high-timeframe levels. The Daily 200MA/EMA and Bull Market Support Band are also sitting around that area, making it a region worth watching if this turns into a broader market reversal.
There’s nothing wrong with taking it easy after the incredible months we’ve had. Protecting your gains matters.
The biggest mistake is giving back what the market has already given you when conditions shift from easy mode to hard mode.
Sometimes the best trade is simply waiting.
#IMFSaysTokenizedMarketsSmall #FedMinutesFocusOnOctoberPause
Funding rates remain positive, while Coinbase is seeing heavy spot selling and its deepest discount in roughly two months. At the same time, Open Interest continues to rise.
Price is slowly bleeding lower as dip-buying longs continue getting squeezed.
For a short-term reversal, I’d want to see a proper long flush first , Open Interest dropping significantly and shorts beginning to cover.
ETF outflows also hit their highest level in weeks yesterday, and today looks like it could bring more selling pressure. That spot selling needs to slow down as well.
Right now, I’m seeing none of those conditions. So I’m staying patient and avoiding the long side until the market clears some of this leverage or gives us a proper liquidation candle.
For the bulls, $83K remains the key level to reclaim. Getting back above it could squeeze late shorts and trigger some relief. Daily closes above $83K would be especially important.
On the downside, $75K and $72K remain the main high-timeframe levels. The Daily 200MA/EMA and Bull Market Support Band are also sitting around that area, making it a region worth watching if this turns into a broader market reversal.
There’s nothing wrong with taking it easy after the incredible months we’ve had. Protecting your gains matters.
The biggest mistake is giving back what the market has already given you when conditions shift from easy mode to hard mode.
Sometimes the best trade is simply waiting.
#IMFSaysTokenizedMarketsSmall #FedMinutesFocusOnOctoberPause