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The one-month heatmap is still showing the same structure I've been talking about for weeks.
There's significant liquidity above $75,000 and below $60,000.
More immediately, I still see a liquidity magnet sitting around $65,000.
If I was looking at the one-month heatmap alone, I'd probably expect price to move higher.
Then I look at the 48-hour heatmap.
Same story.
Then the 24-hour heatmap.
Again, same story.
If I was trading heatmaps in isolation, I'd probably be looking for higher prices.
The problem is that we've been building liquidity underneath the current range.
And so far, we haven't really tapped any of it.
That's what's keeping me cautious right now.
At some point, I want to see that liquidity below price get swept.
If it doesn't happen soon, I'll probably end up tapping out of this short position.
The other thing is timing.
We're still trading weekend positioning.
The US session hasn't really got going yet, institutional flows aren't here, and I don't think we've seen enough to make a confident call on direction.
So before I get too aggressive either way, I want to see how traders positioned themselves over the weekend.
That's why I'm watching aggregated open interest closely.
Because once I understand how the market is positioned, I can start to understand how those positions are likely to unwind. $BTC