BZ is currently around 87.3u, and I’m still leaning toward watching for now.
The price has been grinding back and forth within the range of 85.8 to 88.5 for several days. By the end of each day it’s basically gone nowhere, and in the last four hours it has only turned slightly green. The upward push from a few days ago hasn’t been able to build much momentum these two days—both the 20-day and 50-day moving averages have already run above the price, which is a notch weaker than the previous setup where they were undercutting the price.
The main issue is on the futures side. The funding rate has been negative all the way; active sell orders are weighing more than buy orders, and the long/short ratio is also below the balance line. Put simply, the contract market doesn’t have many people willing to chase higher right now—there’s more of a taste for trying lower instead.
But it’s not to the point where you have to rush into being bearish. Over the past few days, open interest has basically not moved, and there are no signs of large-position exits. On the spot side, 24h turnover is still over 300 million, and the box-bottom near 85.8 has held through several rounds of tests—buyers haven’t completely surrendered.
What makes this area so hard to judge is that the capital has not given any confirmation. There hasn’t been even a single net inflow from a large spot order; it’s mostly being ground down by the order book itself. To regain strength, the price would need to get back above 88.5. If it breaks below the bottom of the range, then we can see what it wants to do from there. At the moment, the risk-reward for chasing longs or shorts is just mediocre—so it’s best to wait for direction.
#bz $BZ
The price has been grinding back and forth within the range of 85.8 to 88.5 for several days. By the end of each day it’s basically gone nowhere, and in the last four hours it has only turned slightly green. The upward push from a few days ago hasn’t been able to build much momentum these two days—both the 20-day and 50-day moving averages have already run above the price, which is a notch weaker than the previous setup where they were undercutting the price.
The main issue is on the futures side. The funding rate has been negative all the way; active sell orders are weighing more than buy orders, and the long/short ratio is also below the balance line. Put simply, the contract market doesn’t have many people willing to chase higher right now—there’s more of a taste for trying lower instead.
But it’s not to the point where you have to rush into being bearish. Over the past few days, open interest has basically not moved, and there are no signs of large-position exits. On the spot side, 24h turnover is still over 300 million, and the box-bottom near 85.8 has held through several rounds of tests—buyers haven’t completely surrendered.
What makes this area so hard to judge is that the capital has not given any confirmation. There hasn’t been even a single net inflow from a large spot order; it’s mostly being ground down by the order book itself. To regain strength, the price would need to get back above 88.5. If it breaks below the bottom of the range, then we can see what it wants to do from there. At the moment, the risk-reward for chasing longs or shorts is just mediocre—so it’s best to wait for direction.
#bz $BZ