The market is still hot and the prevailing sentiment is the expectation of more price rises and a quick recovery.

There is a big premium for bearish bettors at this market level.

- Average 30d funding rates are still high, close to the levels of the 2021 all-time high.

- The BTC price is facing its greatest resistance ever, its current all-time high.

- The price is in a defined channel with around 20% expansion/retraction, an ideal scenario for large players to set up large positions.

The Bitcoin price has risen by more than 300% since the last time the market was discounted, and in all the brief 20% corrections along the way there hasn't been a premium period like now.

It's the first time in 3 years that the Retail flow hasn't reached values above the mid-range, strongly indicating the presence of this category of investors in the market.

Historically, when there are large Retail profit-taking moves, it means a potential top is in the making.

After the rapid fall in prices over the last two days, there has been a significant outflow of realizations by these holders.

Written by G a a h