A noteworthy signal regarding BTC's spot premium emerged over the weekend:

During the price drop from 106k to 103k, the spot premium showed a continuous increase, indicating sustained spot demand entering the market and a large number of futures shorts opening positions, perhaps accompanied by futures longs closing positions;

This situation represents a standard divergence between spot and futures, thus serving as a reminder of the short-term risks of going short!

Since the left-side range has indeed been broken, from a trend structure perspective, it should indeed be bearish. However, the internal liquidity of the market is attempting to negate this structural break, leading to simultaneous rises in both price and premium;

Therefore, for bulls, it may be wise to choose to wait and not go long, but for bears, caution is needed to avoid being pulled back to 106.6k for a stop loss after going short...