The funding rate is currently still positive in mainstream exchanges, and the market is still willing to pay interest to the long side, with market sentiment leaning towards the long side but not completely collapsing.
The Bitcoin spot ETF continues to see net inflows, but the trend has weakened 📉, and the distribution behavior at high levels is relatively strong. The market's risk-averse sentiment has not yet dissipated.
After a double top structure on the daily chart, it has recently continued to form a right-side continuation structure. The focus of attention in the medium cycle is still whether it can 📉 break below 110,000. From the current volume perspective on the daily chart, if 110,000 is broken, the C wave segment is likely to form 📉 a consolidation divergence. Expectations for a rebound can be seen in the future.
The small-scale trend continues to operate below the support level of 106,000, with a short-term right-side structure forming 📉 a triangular consolidation range, and it is likely to continue 📉, with the expected target unchanged at 102,800.
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