$BTC Overnight brief: I call a flush below $74,810 today.
One: crowd long, paying nothing. Long/short account ratio: 3.08 on BTC, 3.51 on ETH, funding +0.0057% per 8h on BTC and +0.0045% per 8h on ETH.
Two: breadth broken. Of 424 contracts with 1M USD daily volume, 346 are red, median -1.73%. BTC at $75,720, ETH at $2,232.
Three: dry powder shrinking. USDT supply fell $2.80B over 7 days.
Crowded longs, flat funding, red breadth, thin liquidity. One flush clears the crowd. Today's key level: $74,810, the low BTC printed on Nov 6. Lose it and the range gives up; hold it and $76,350 is the next squeeze. Which one comes first?
One: crowd long, paying nothing. Long/short account ratio: 3.08 on BTC, 3.51 on ETH, funding +0.0057% per 8h on BTC and +0.0045% per 8h on ETH.
Two: breadth broken. Of 424 contracts with 1M USD daily volume, 346 are red, median -1.73%. BTC at $75,720, ETH at $2,232.
Three: dry powder shrinking. USDT supply fell $2.80B over 7 days.
Crowded longs, flat funding, red breadth, thin liquidity. One flush clears the crowd. Today's key level: $74,810, the low BTC printed on Nov 6. Lose it and the range gives up; hold it and $76,350 is the next squeeze. Which one comes first?