Under the hood, we have a significant and consistent build up of OI on this entire grind down. Funding remains relatively neutral. This implies a build up of both directional longs and shorts on this grind down. In addition, perp CVD is about to make new lows, while price is much higher than it was the last time perp CVD was at these levels- in other words- we have a lot of market sell pressure but price isn't moving down nearly as easily as before. High effort -> Underwhelming results = not what bears want to see. Focus remains on a larger move up rather than down in the coming days/weeks.