《Three-in-One Trading System｜BTC Market Analysis (1/3): Volume》 The bulls are attempting a fourth breakout, while the bears continue to position at higher levels. Bullish volume is weakening!! Current price is around 86,200. On the 4-hour chart, bullish volume has slightly increased compared to the past few days. The 82,500 level has been tested four times without breaking, showing the resilience of the bulls. Bearish volume is relatively weak and lacks persistence. At the moment, the bulls hold a slight advantage. However, since August 20, bullish volume has been declining, and trading volume is also dropping, showing a divergence between volume and price. This is a major risk factor. Additionally, whales are betting on a drop. On Hyperliquid, BTC long positions are approximately $518 million, while short positions are around $830 million, with a long-to-short ratio of 0.62. Shorts are 1.6 times the longs. Some whale short positions are already at a floating loss, with an entry price around $76,623. This suggests a "preemptive positioning, currently holding through losses" strategy. During the breakout above 86,000, over $1 billion in short positions were liquidated, and the proportion of longs in open interest rose to 71%. The overall futures market saw a $1.4 billion reduction during the same period, indicating the market is deleveraging rather than aggressively increasing shorts. Volume Analysis: Bullish volume is increasing, retail traders are chasing longs, and whales are betting on shorts. Short-term direction remains unclear, with 88K as a key resistance level.