$BTC
🚨🙄 Underlying Market Overview
Quite heavy tradfi linked sell pressure since CME futures open on sunday & continuing throughout early week trading ⚡️⚡️
Notable change around $105K an area the market used to bid become an area to sell
~ confirmed with asks capping price ⚡️⚡️
Often this is an initial trigger by institutions as they become net sells✨️
Since this trigger we can also see the binance discount deepened ⚡️⬇️
In perps we can see increasingly net short positioning with price hammered by spot sell pressure
~ persistent negative delta with increased positioning ✴️
A hedged market for further downside basically ⬇️
$100K is now a very important level because if sellers fail to push for lower that will lead to a large short covering rally 🧐🧐
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