BZ Don’t count on this spot to take off again—staying just below the last two days’ highs and drifting slightly lower for two days. On the order book, the sell orders are holding the bids down and grinding the price. The bulls have already lost confidence. In the spot order book, the amount of sell orders sitting above the current price is clearly much thicker than the bids; the bid depth is squeezed into a thin layer. Once the price is ground right up against the highs, it can’t push through anymore. After 24 hours of whipsawing, it’s actually only down a bit—and all these orders are aimed at smashing the market. On the futures side where maker orders are actively matched, sell orders are also pressing against and hitting the bids. The shorts are accelerating their moves, while the longs don’t even have any decent support to lean on.