It seems that the phenomenon of 'not clearing when it should' has appeared again. Yesterday, BTC tested the 107k level with two consecutive downward movements, neither of which successfully triggered a liquidation of the bullish liquidity below...

It seems that the futures market is willing to support this position, after all, the spot premium is declining, and the funding rate is rising, indicating that the main force maintaining the price above 107k currently comes from bullish futures!

For now, let's not consider what the futures support might bring; purely from an objective perspective, 'not clearing when it should' often indicates that the market is not in a hurry to liquidate downwards;

This could be due to the bullish liquidity below not being sufficient, or it could be because the price attractiveness of the bearish liquidity area above still exists.

Regarding trading ideas, my current thought is:

Before the price confirms a drop below 107k, triggering a bullish liquidation, I will maintain a bullish outlook. Once the price confirms a drop below 107k, I will turn bearish down to 105.8k.

Since a lower low has not yet appeared in the trend structure, I expect the price to fully liquidate the bearish liquidity below the high of 113k in July, using this as an opportunity to trigger a new round of bullish trend (not guaranteed to break 113k).

In summary, it's still the same approach: first observe the alternating changes of high and low points in the trend structure, then look at the distribution of liquidity, and finally occasionally consider the K-line structure.