#BinanceTurns8 Recently, BTC has been having some fun around the 107,000 mark!

Core bizarre phenomenon: "Should clear but doesn't clear"!

Yesterday, BTC was slammed down twice, trying to break through the 107,000 floor: The goal was very clear, which was to trigger a bunch of long leverages below and feast on them.

But what was the result? Both times it couldn't break down! The 107,000 floor is quite solid.

Who is holding it up to prevent the drop? It seems to be those playing futures!

The evidence is:

Spot premium is decreasing: indicating that spot demand is relatively weak.

Funding rates are rising: indicating that those playing contracts long are willing to pay a higher "protection fee" to those shorting, in order to maintain the price above 107,000! They are the main force holding up the market now.

What does "should clear but doesn't clear" mean?

Simply put: the market is currently "not in a hurry" to slam down! There is no rush to blow up those long positions below.

Why the lack of urgency? There may be two reasons:

Reason one: The long positions waiting to be blown up below are "not fat enough", the attraction isn’t strong enough, and it’s not worth the effort to slam the market down now.

Reason two: The short positions waiting to be blown up above are in a better position and more attractive! The dog traders (main force) are more concerned about pulling up to blow up those shorting at high positions.