There is short squeeze going on. OI going down spot CVD going up, price going up with positive funding.

Just as I predicted. There is 1.5B shorts to be liquidated if we goto 118k.

This is thw difficulty in trading bearish trends. You know the trend is bearish, you have to be shorting to get advantage of that. If the trend is up most of can buy spot and chill, you wont get liquidated and bitcoin is not going to zero. But when you short you need to have a stoploss otherwise your loss is infinite (in a traditional market). So once enough shorts accumulate anyone with sizeable capital can liquidate traders by intiating short squeeeze.

Thats why in bearish trends there is very convicing rallies occur knocking off your trade.

I am short term bullish until Tuesday then bearish.