Before the start of the U.S. market on Monday, Coinbase's spot premium index returned to a higher level, which means that the pullback on Sunday was only a short-term supply, not a continuous supply.
Simply put, 100,000 can be regarded as a key strategic stronghold. The bulls have fought all the way here. After a long raid, they must rest and surround but not attack to consume the opponent's manpower. If you attack blindly before your own "supplies" are exhausted, you will be easily counterattacked by the opponent.
So the best thing to do now is to wait, and at the same time constantly repel the forces of the short side trying to break through. Now the two sides are consuming each other. Whichever side has problems with "logistics" first, the other side will have the advantage.
The consumption of "supplies" is reflected in the demand strength of spot buying, which is the spot premium shown in the figure. After all, the main force of the bulls is the "U.S. military" (referring to U.S. dollar funds), and the premium brought by U.S. dollar funds is the key.