GM this week guys, the market seems a bit bad at the beginning of the week 😁

$BTC after a slight breakout above EMA34 D + EMA200 H4, we immediately encountered FUD that Bybit was hacked for $1.5 billion and has dropped back to move within the EMA89 + EMA34 D range. The smaller time frame is in a downtrend, and H4 continues to be under pressure from the 3 EMA lines.

Liqui Long Short $BTC in the price range of 10k: Long side over $6 billion, Short side $11 billion

The positive thing is that the funding rate of many coins is shifting to negative, meaning the amount of Shorts is much larger than Longs. The margin loan interest rate is at a very low level, indicating that the recent crash has liquidated most of the retailers' loans and currently, there is little demand for borrowing to trade due to fear and caution. It’s quite similar to the peak period in December when I warned that the market's funding rate was strongly positive + margin loan rates were very high. After that, the market made a strong correction, and now we are in the opposite situation.

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