$BTC UPDATE: Many of you might be confused by the current price action. When looking at the chart on higher time frames, I noticed that we still haven’t broken structure. We attempted to break support last night, but it was a quick wick that was recovered pretty well. A good way to identify whether it was a liquidity grab or an actual dump is by observing how the price reacts at certain levels. In this case, we saw a quick bounce upon hitting the 55.5k zone, which usually indicates a liquidity hunt. We haven’t really broken support and are still trading above this area.

So, what’s next? Funding rates have turned extremely negative, and most of the liquidity was already taken in the last hunt. For any positive sign, the first area to reclaim would be the 57.4k zone, and ultimately, we need to trade above 59.6k for at least a day. However, it should be noted that if we break the green zone, the next area I expect is around 48-49k, as there’s still an unfilled wick to address.

Personally, I’m still leaning towards longs because the current risk-to-reward (R:R) ratio is good, with tight stops below the green zone.