The current rebound on
$BTC is entirely driven by the perpetual contracts. We observe an increase in open interest while the price struggles to accelerate, a clear sign of long openings rather than shorts closing.
The spot remains absent, the movement is driven by the perpetuals, with quite a few aggressive leverage positions, while the spot stays passive.
We notice significant liquidity above, particularly between 90k and 94k, with persistent sell walls.
All indications point to a distribution phase, a classic bull trap designed to trap late longs. As long as the spot does not regain cont