#比特币再度跌破8万美元
Sometimes, the fact that prices refuse to fall can be more dangerous than a sharp crash.
$BTC ETFs saw $773 million in outflows over two days, yet a sustained collapse below $80,000 has yet to materialize.
Many people interpret this as institutions accumulating, but the data is less encouraging.
According to Glassnode, spot market taker sell volume still dominates, while futures open interest has climbed to $37.5 billion, and longs are still paying hefty funding rates.
Yes, someone is supporting the price, but leverage hasn't been flushed out.
I think bulls are trading time for room to maneuver, betting that macro risks will fade, fresh capital will return, and $80,000 will hold long enough to be accepted by the market as a bottom.
The problem is that time has a cost, too.
The longer the market moves sideways, the more leveraged longs have to pay. If new buyers don't show up, patience will gradually turn into selling pressure.
I'm still bearish in the short term, with a close eye on support around $77,600.
A true bottom requires buyers willing to keep buying.
People simply refusing to sell aren't enough to drive prices higher 📈
#BTC #Bitcoin
Sometimes, the fact that prices refuse to fall can be more dangerous than a sharp crash.
$BTC ETFs saw $773 million in outflows over two days, yet a sustained collapse below $80,000 has yet to materialize.
Many people interpret this as institutions accumulating, but the data is less encouraging.
According to Glassnode, spot market taker sell volume still dominates, while futures open interest has climbed to $37.5 billion, and longs are still paying hefty funding rates.
Yes, someone is supporting the price, but leverage hasn't been flushed out.
I think bulls are trading time for room to maneuver, betting that macro risks will fade, fresh capital will return, and $80,000 will hold long enough to be accepted by the market as a bottom.
The problem is that time has a cost, too.
The longer the market moves sideways, the more leveraged longs have to pay. If new buyers don't show up, patience will gradually turn into selling pressure.
I'm still bearish in the short term, with a close eye on support around $77,600.
A true bottom requires buyers willing to keep buying.
People simply refusing to sell aren't enough to drive prices higher 📈
#BTC #Bitcoin
