Today's Market Update The current price action is pretty much as I mentioned yesterday—mainly grinding through limit orders. After grinding all day, we finally worked through the 62.5k level. During this process, aside from a small breakout above 62.5k with low volume, there hasn’t been a particularly ideal entry setup. So for now, I’m holding off on short positions. In this kind of grinding market, holding shorts doesn’t feel great. Right now, the limit orders around 63k and 64k aren’t very thick (see Chart 1). Based on the color band model, there’s support below the current price but no resistance above (see Chart 3). So the current structure still leans bullish—it’s not yet a good spot for intraday shorts. For reference, the intraday short setup is shown on the left side of Chart 3. --------------- From the funding perspective (see Chart 2): Since Friday, ETFs haven’t been active, so there’s not much movement on Coinbase. The price action is primarily influenced by Binance’s spot CVD. You can see that the two are almost perfectly aligned. On-chain data also shows that from yesterday to today, there hasn’t been much sell pressure. In fact, it’s shifted from a slight net loss to a slight net profit (some small profit-taking exits, but not much). -------------- Overall, there’s not much going on today. For shorts, there’s currently no clear opportunity—just observing for now. There’s no significant cluster of limit orders above to guide the price. The only notable liquidity for shorts is around 63–64k (combined with the 63k short squeeze scenario I mentioned the other day). You can wait for an entry setup here. For longs, there’s no good pullback right now. Whales are positioning around the 60k level, with a large number of new spot limit orders. You can refer to the lower range in Chart 4.