BFUTS still play an instrumental role in percipitating moves within range

Could see them constraining and attempting to keep priced pinned down all week (as evidenced in the bottom 2 panels)

You could have seen this as first warning signs particularly as market had no intent on lifting those orders (that's the key part - watching interactions granularly)

Good news, a lot of passive bids were filled y'day on the spot side so cushion was laid as a foundation higher

Need to see supportive flows in the form of aggressive takers now to push price back into the 105s

Passive bid from BFUTS likely also plays a key in directional bias

#BTC