After a night, $BTC still hasn't broken through 115.8k, but this abrupt surge in premium basically says a lot...

Many shorts have chosen to short here, after all, it is a level of resistance with small stop-loss, but I won't short because this premium likely represents the market trying to attract short liquidity.

If there is a brief price breakout above 115.8k followed by an immediate drop, and the premium starts to drop significantly, then shorting would be cost-effective.

Meanwhile, if the price breaks above 115.8k but the premium does not drop, and the price does not show a breakdown reversal, then it can instead be a good opportunity to go long.