$BTC This short trade is stalling to the point of desperation: the price has been scraping along near the one-day lows. Over the seven days, it has already given back a large chunk from the earlier peak level. The short- and medium-term moving average lines are all pressing down from above, directly overhead. Open interest in the futures contract is still in a downtrend, shrinking steadily—this is the classic bear-covering/short-squeeze-style “capitulation” play. Is it that the longs have simply given up and exited? No—this is not a bargain-hunting entry. The technical engine has also effectively gone dead: the MACD’s strong bearish stance pins every bounce back to its original form. Any rebound up to the moving averages is the trigger level for bears to add positions—don’t grab the falling knife until the downtrend is truly over. Pull your hands back off the trade.