Someone in BZ’s contract order book is going crazy sweeping buy orders: in seven hours, the active buy volume surged by 131.6%, and the buy side makes up 68.9%. But the price just won’t move up—down 5.17% in a single day. The current price is 85.6, only a step away from the 24-hour low of 84.97.
Buying so aggressively but still can’t push the price—there’s only one explanation: these orders are taking incoming sell-side supply that others want to offload. Over the past 4 hours and on the daily chart, the direction is uniformly DOWN. The price is pressured below MA20 at 86.84 and MA50 at 87.55. Even in the order book, the sell-wall is thicker than the buy-wall; all the active buy orders are being absorbed.
Let’s further break down the contract order book: in just seven hours, open interest shrank by 8.53%, and the fee rate had 8 samples with not a single one turning positive. Bulls can’t even afford crowding costs—positions are撤, and pricing power is in the hands of the shorts. This active buying is “catching the falling knife” money during a downtrend, not building positions.
So for BZ, I’m bearish. Enter short on the rebound around 86.8–87, stop loss above 87.6, and the first target is a break of 84.97, then continuing lower.
Unless the price can reclaim 87 and open interest rises with volume, with the fee rate turning positive—showing that this buying really has absorbed the bottom—hold the short position.
#bz $BZ