BZ is now around 88. I’m not in a hurry to chase a long here.
First, let’s talk about the order book. In the top 20 levels, the sell-wall volume is more than three times the buy-wall volume. The buy-side share is only about one-third—every step above 88 has thick sell orders stacked right overhead, keeping the price pinned.
As for spot trading: the past few days have seen no net inflow of even a single “copper coin.” It’s all being propped up by ordinary orders, without real money coming in.
The futures market tells an even clearer story. The eight-rate fees are all negative. No longs are willing to pay a premium—funds have been continuously paying the shorts instead. On the large-holder side it’s more direct: the long ratio on those accounts is down to a little over 30%. Over the past 7 hours they’ve still been cutting down to the downside, while real money stands on the short side.
Open interest is still increasing too—though the added positions are being added on the short side.
Of course, to be fair: the trend is still ranging right now. On the 4-hour chart, longs and shorts are about half and half, with no clear direction. Negative funding also suggests the shorts are a bit crowded. If you really want to short, you still have to guard against a bounce.
So my stance is: slightly bearish here, but I won’t chase. As long as the resistance near the high at 88.99 hasn’t been broken, any spike upward looks more like an opportunity for shorts. Wait until the sell pressure above is released, or if price pulls back to around 85.8 and you see whether there are buyers stepping in—then we can decide the direction.
#bz $BZ
First, let’s talk about the order book. In the top 20 levels, the sell-wall volume is more than three times the buy-wall volume. The buy-side share is only about one-third—every step above 88 has thick sell orders stacked right overhead, keeping the price pinned.
As for spot trading: the past few days have seen no net inflow of even a single “copper coin.” It’s all being propped up by ordinary orders, without real money coming in.
The futures market tells an even clearer story. The eight-rate fees are all negative. No longs are willing to pay a premium—funds have been continuously paying the shorts instead. On the large-holder side it’s more direct: the long ratio on those accounts is down to a little over 30%. Over the past 7 hours they’ve still been cutting down to the downside, while real money stands on the short side.
Open interest is still increasing too—though the added positions are being added on the short side.
Of course, to be fair: the trend is still ranging right now. On the 4-hour chart, longs and shorts are about half and half, with no clear direction. Negative funding also suggests the shorts are a bit crowded. If you really want to short, you still have to guard against a bounce.
So my stance is: slightly bearish here, but I won’t chase. As long as the resistance near the high at 88.99 hasn’t been broken, any spike upward looks more like an opportunity for shorts. Wait until the sell pressure above is released, or if price pulls back to around 85.8 and you see whether there are buyers stepping in—then we can decide the direction.
#bz $BZ