The distribution of liquidity in the futures market for $BTC over the past 3 months shows that the current price is actually closer to the short liquidation zone. If this structure, similar to a descending channel, can be broken, then it is really possible to see another round of bullish trend.

After all, a wave of short liquidity has been added above 120k, which means that if the price can return to 118k, there will be a stepping stone in the middle to the liquidation zone of the previous high.

The main factor suppressing the price now is the spot market. There will always be a continuous supply of spot during the opening of the US stock market. Now it depends on the game between on-site funds and dollar funds...

To be honest, last week's non-farm payrolls seem to have a strong aftereffect. The sentiment in the crypto circle is actually okay, but the Americans always give people the impression that they are preparing to trade "recession" for BTC...

Hopefully, this sentiment can be gradually consumed.

After all, it really can't continue to fall persistently here. If a new low is reached, the entire previous bullish trend structure will be completely destroyed...