$BTC holding above 78K while leveraged traders bet against it.

Spot buyers pushed this rally from 75K to 78K and they're still defending.

- Futures traders selling into every bounce, but pressure is fading
- Open interest flat - no new bearish leverage
- Funding calm, no crowding either side
- US spot demand still absent
- Order book sell-side thinning fast

Shorts keep fighting. The order book says they're running out of ammo.