๐Ÿšจ \$BTC TC just plunged to \$116,000, wiping out the support cluster at \$117,700. The next key level is \$114,600 โ€” and if that doesn't hold, we could fall even further from the all-time high (ATH) ๐Ÿ“‰. Despite the drop, open interest on \$BTC and \#ETH๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ๐Ÿ”ฅ remains extremely high. Traders ๐Ÿน are holding onto their long positions, showing strong conviction โ€” even though many are likely sitting on lossesโ€ผ๏ธ

Weโ€™re closely monitoring the situation ๐Ÿ‘€. Thereโ€™s a strong temptation to open another short position, but entering too close to ATH may not be wiseโ€ผ๏ธ

๐Ÿšจ One big issue now is the massive surplus โ€” around 400,000 BTCโ€ผ๏ธ For the market to stabilize, someone has to absorb that supply. Surprisingly, the average exit price for spot BTC is near \$114,000 โ€” not \$120,000 as previously thought. That suggests selling happened earlier than expectedโ€ผ๏ธ

So why did the price shoot up so high? Possibly just to facilitate this massive sell-off. To truly rebalance the market, prices may need to fall to around \$103,000 ๐Ÿ˜ฑ. That could be the point of stabilization if the slide continues ๐Ÿ›ฉ.

๐Ÿšจ Given this setup, we may finally see the kind of shakeout Iโ€™ve been waiting for โ€” like Mad Max, but in reverse ๐Ÿ“‰.

Smash that like ๐Ÿ‘ if youโ€™re watching the \$BTC dump.

Have a bearish day ๐Ÿป

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