CRCL is holding long positions, waiting for a rebound—but you’re basically handing ammunition to the shorts. The price breaks below the moving average and keeps sliding, yet the funding rate is still positive. The bulls are getting hit while paying protection fees. Open interest is up 5.6%, and the only explanation for adding to positions during the decline is that more and more people are opening short positions. The spot order book shows sell orders at twice the buy volume—this sell pressure isn’t something retail investors can possibly absorb. Each four-hour swing high is lower than the last; 86.97 is the shorts’ line of defense. If that level can’t be broken, the downtrend isn’t finished. Enter at 82.07, first target 77.80, second target 74.50. Stop loss at 86.97—hold steady; don’t shake out.