The core clearing area of 102k has completed the majority of long liquidity clearing. As long as the market does not experience significant negative news (non-farm payrolls and employment rates), it will be difficult for BTC to continue to decline solely due to the short-term imbalance in the futures market.

After this wave of sharp decline, the total futures open interest for BTC has decreased significantly from its peak. Currently, BTC is below the average price of the oscillation range at the same price level on the left, but the futures open interest is still slightly higher than on the left.

This indicates that:

If we want this pullback to end above 100k, the best path moving forward is to wash out the excess positions through oscillation and back-and-forth movements, before rebounding back into the previous high range;

In terms of technical pattern, this would manifest as repeated testing of the lows to build multiple bottoms within a small cycle, thus driving the momentum of the larger cycle 📈.

If the open interest does not decrease and we rebound directly, it is very likely that we will form a secondary high, completely ending this round of the market...

Of course, if the market chooses to break below 100k directly, entering a bearish trend, then the current slightly higher open interest situation would be just right, which I hope does not happen.

Deep down, I do not wish for a bearish trend, so I hope the price can oscillate upwards for a few days to clear the positions!