If you're still treating every $BTC rally above $86K like a 2021-style euphoric top, stop now.
Too many traders got wrecked last cycle by calling the top too early while leverage was actually building. That same hesitation is causing missed entries and premature exits this time around.
Glassnode data has $BTC back above $86K but the market isn't showing the leverage explosion you'd expect at a real top. Options positioning is getting more bullish with the put/call ratio rising as traders add exposure, yet it's nowhere near the extreme levels seen around Bitcoin's previous peak.
Perps remain relatively cautious too. Funding is still below neutral, keeping speculative leverage in check. The whole setup looks more measured than the last blow-off, especially compared to how $ETH traders piled in last cycle.
Where do you think this $BTC move goes from here?
#Bitcoin #BTC #Macro
Too many traders got wrecked last cycle by calling the top too early while leverage was actually building. That same hesitation is causing missed entries and premature exits this time around.
Glassnode data has $BTC back above $86K but the market isn't showing the leverage explosion you'd expect at a real top. Options positioning is getting more bullish with the put/call ratio rising as traders add exposure, yet it's nowhere near the extreme levels seen around Bitcoin's previous peak.
Perps remain relatively cautious too. Funding is still below neutral, keeping speculative leverage in check. The whole setup looks more measured than the last blow-off, especially compared to how $ETH traders piled in last cycle.
Where do you think this $BTC move goes from here?
#Bitcoin #BTC #Macro
