I've been watching this market for half an hour. The price has been crushed so hard it can barely breathe. On the 4-hour chart, one candle after another is pushing down. Each intraday rebound makes a lower high than the last. It's clearly the big players posting sell orders at higher levels and waiting to unload their positions. The buy-side depth in the spot order book can at best absorb only about 60% of the sell pressure. Aggressive sell orders are hammering it down like weights on a scale, and on the derivatives side the active selling volume is more than twice the buying volume. This isn't a shakeout — it's a clear signal telling you that no one wants the longs anymore. Large-order funds looked like they were flowing back in three hours ago, but the net outflow on the 15-minute level has already exposed that illusion — this rebound is just handing the manipulators a year-end bonus. I do find the bearish narrative convincing: a slow bleed that doesn't break down, but every green candle gets slapped down by selling. Once the last bit of bagholders is drained dry, the waterfall will come naturally.