Yesterday I also said that BTC's sentiment hadn't fully dissipated before it got pulled down a bit.
There will still be more plot developments.
But I did make a mistake.
What I thought would happen was multiple attempts to break 110,000 without success.
But it turns out that 110,000 was taken lightly, and now it's continuing to surge.
It seems that the appetite for Bitcoin is quite high (laughs).
Anyway, since the market has already developed, let's analyze it based on facts.
Why did I say yesterday that the sentiment hadn't ended when it dropped?
Because during the peak, the spot premium was very high.
This means that retail investors' high-leverage FOMO chasing longs hasn't arrived yet.
Only when retail investors are frantically chasing longs, quickly increasing the overall leverage ratio of the bulls, and rapidly raising the open interest,
will it create a sufficient buffer zone for those big bulls, making it easier for them to close their positions.
That would be the real signal of a market top.
Currently, there are signs of this, but whether it will actually develop further
depends on when we see a daily candle with a long upper shadow and high volume.
