Several key points to watch in terms of liquidity today... Above are 77.2k and 78.8k. Below is the previous low, around 75k, extending all the way to 74k... Combined with order books (Figure 2) 77.2k has contracts already waiting in place... 75k is a key order book level for long positions in Binance futures and Coinbase spot... A major battleground and focus today is how low the previous low will go, whether 75k can hold, and whether it can recover after a break below. This area is crucial... The cost basis for on-chain short-term traders is currently at 75.8k (Figure 3). If the daily chart holds above this level, it would be a standard early bull market scenario—a pullback after a bear market break below the short-term trader cost basis, confirming the start of a bull market. If 75k fails to hold today, combined with the on-chain daily chart confirming a break below the short-term trader cost basis, it could trigger more panic and sell-offs...