This night is pretty interesting... A clean deleveraging, price moved sideways all night, and the total OI across the network actually plummeted... (Image 1) Around 20K BTC positions got liquidated on both long and short sides (Binance 7K, Hyperliquid 7K, Bybit and Bitget around 1.7K each). The contract CVD looks quite balanced... Active buying and selling are almost equal... On the long side, after the dump, either the two wicks got stopped out, or those who stayed took the chance to exit during the rebound. The rebound provided a better exit point than the low. On the short side, starting from 22:00 yesterday, shorts chased the price down, but after dumping to 83.5K, they saw the price couldn't drop further. Longs got liquidated, funding turned negative, and shorts also started to actively close their positions. Both longs and shorts balanced out, price stayed flat, and OI reset to levels around the 15th. This was a relatively clean deleveraging. Are both sides now stepping back and waiting for direction? So, in the short term, there's less fuel for a downward move, but no new longs are entering for an upward move either. Now we just have to see which side starts adding positions again. Waiting for the next catalyst to enter... Until a new catalyst emerges, will it just keep moving sideways? ------------------ Set up a small range with limit orders. There's a spot buy order at 84K below, over 100+ BTC, which isn't small. If the Asian session reaches that level, we might see a reaction similar to the one two days ago at 85K. Worth watching during the Asian session. On the upside, contract sell orders are placed near 85K, which is where support turned into resistance and also where the gap from the PMI dump could be filled. Makes sense. Potential small range for the Asian session: 84-85K.