This is the one indicator I'm looking at in the short-term.

Net inflows of Bitcoin ETFs.

Despite geopolitical tensions, Bitcoin ETFs are buying $300M-$400M worth of BTC daily.

Yesterday, Bitcoin ETFs had a new inflow of $389.57 million.

If these inflows stop and goes negative for a week or two, I would be really concerned.

This is what exactly happened in Feb 2025 which caused BTC dump from $100K to $76K.