Today was another volatile day for the market… Figure 1: Binance has been actively buying spot since yesterday… Spot CVD surged, but the price couldn't rise… The reason it couldn't rise is that short sellers in the futures market were selling even more, adding to their positions… OI is also rising (Figure 2) Does this sound familiar? The same scenario played out on the 21st (red circle on the left in Figure 1). I posted the same scenario back then… Later, after that short squeeze below 85k, it came down… There was also a similar wave on the 23rd (red circle in the middle of Figure 1). That time, the buying pressure couldn't go up, and then a wave wiped out the longs… However, the spot buying on the 23rd wasn't as strong as the waves on the 21st and today. See the prices in the three red circles in Figure 1 and the Binance spot CVD (yellow curve) for details… Meanwhile, although it's the short sellers actively adding to their positions, the longs are also currently in the market, with high funding rates and a high long/short ratio… Essentially, during this period, the short sellers actively opened orders… and the longs passively accepted those orders… Both sides are fueling the price movement… Figure 3 shows that the walls of contract buy orders and spot buy orders below are now full. The short sellers are dumping, and the funds waiting to take over are waiting. The outcome is still undecided... We'll have to wait for the FOMC (Forwarding Market Oscillator) before a clear direction can be given? The current battleground is between the 78-79.5 range, with both open orders and active short positions... Meanwhile, Friday's options settlement pain point is at 78k... Therefore, the conclusion for today remains the same: observe more and trade less... Both bulls and bears can find ample reasons in hindsight... Several points to observe... Set a price alert: 79k SFP (Special Price Level)... A false breakout followed by a pullback... Liquidity range (Figure 4) 78k is the bullish order defense line; a break below this level could easily lead to the lower range... If there's a short squeeze like on the 21st, observe 82-83k.