Today's Market Update Today's market movement... still showing a clear risk-off sentiment. Gold is down, oil prices are up, U.S. Treasury yields are rising, and naturally, $BTC can't stay unaffected... After the weekend, it still hasn't reclaimed the VAL of the range it broke below last week (around 85k). As shown in Figure 1, several attempts to push higher have failed... Although the price broke upward, it failed to convert the new high area into a new value zone. Ultimately, it could only break downward again (this morning during the Asian session). Makes you wonder if the unusual 85k spot sell orders from last week were aiming for this outcome? -------------- Today's orders (Figure 2): The market is still dominated by those same 85k spot sell orders (N*100 units) suppressing the price... Below, there are relatively large grid buy orders around 80k and 82k. The contract side is messy, with most orders being buy orders below the current price. These could either be long positions entering or short positions closing. So even if the price is heading downward, it'll likely grind its way down step by step—like grandma going down the stairs. ---------- However, looking at the on-chain data, it's still in a strong zone (Figure 4). So after a pullback, the larger cycle is still about finding entry points for long positions. Potential mid-cycle long entry points can be seen in Figure 3. These points are worth watching throughout this week. ------------ To be continued...