@cyberciphe
The trend structure of $BTC has basically been broken, but spot premiums remain high. It’s definitely a tricky situation. In the short term, a rebound could target the previous uptrend line, playing out as a retest move.
After that, it all depends on whether the price can reclaim the trendline. Subjectively, I feel there’s a higher chance of choppy, sideways action from here.
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