$BTC spot only ran 895 million in a day, while the perpetuals got hammered to 7.598 billion. When I see this contrast, I immediately put my hand on the table.
In the news, that BIP-110 fork is still 300 blocks behind the main chain, and it will take 6 years to catch up by its own effort. At times like this, what the market fears most is talk about the narrative, while money only flows into the perpetuals.
Now $BTC is at 63984, down 1.97% over the last 24 hours. The high is 65379 and the low is 63806. After bouncing around in a loop, spot trade count is already 1.83 million, yet the price still hasn’t broken out in a proper direction—suggesting that real buyers aren’t as many as you think.
The funding rate is only +0.0021%, but open interest is 106,528 units of $BTC pressing down—heat is there, but there’s no consensus on direction. This is the kind of market most likely to sweep up and punish people chasing trades both ways. I’ve suffered this kind of loss before, and I don’t want to repeat the performance.
The bulls aren’t without reason either. After all, there hasn’t been any crazy squeeze-fueled sentiment, and the position is also close to the 24h low.
But if I have to choose, I’m leaning bearish on this choppy action. Even the perpetuals—I don’t want to chase. With this kind of 8.5x contract market, in the end, who gets buried first: the longs or the shorts?
$BTC #BTC走势分析 #BinanceSquare
The market flips faster than a book. Keep some position in reserve.
In the news, that BIP-110 fork is still 300 blocks behind the main chain, and it will take 6 years to catch up by its own effort. At times like this, what the market fears most is talk about the narrative, while money only flows into the perpetuals.
Now $BTC is at 63984, down 1.97% over the last 24 hours. The high is 65379 and the low is 63806. After bouncing around in a loop, spot trade count is already 1.83 million, yet the price still hasn’t broken out in a proper direction—suggesting that real buyers aren’t as many as you think.
The funding rate is only +0.0021%, but open interest is 106,528 units of $BTC pressing down—heat is there, but there’s no consensus on direction. This is the kind of market most likely to sweep up and punish people chasing trades both ways. I’ve suffered this kind of loss before, and I don’t want to repeat the performance.
The bulls aren’t without reason either. After all, there hasn’t been any crazy squeeze-fueled sentiment, and the position is also close to the 24h low.
But if I have to choose, I’m leaning bearish on this choppy action. Even the perpetuals—I don’t want to chase. With this kind of 8.5x contract market, in the end, who gets buried first: the longs or the shorts?
$BTC #BTC走势分析 #BinanceSquare
The market flips faster than a book. Keep some position in reserve.