BTC Price is moving lower, while spot participation is slowly weakening. At the same time, open interest has started to increase again after the recent cooldown. This suggests that additional leveraged positions are entering the market while spot buying is fading. That’s not an ideal combination for sustained bullish continuation, as we would rather see spot demand supporting the move instead of relying increasingly on perps. However, it doesn’t look too bad so far. Spot is not selling aggressively yet, and open interest has only started to increase slightly after a healthy cooldown. If spot demand starts to pick up again, we could still see another continuation to the upside. For now, I’ll be watching whether buyers can regain control or whether this developing weakness leads to a deeper pullback.(Max Trades)