@keeha
As expected, a liquidity-grabbing move to the upside occurred, securing short positions. Currently, the price is facing strong resistance around the daily order block near 57.7K.
There hasn't been significant short position liquidation, and funding rates remain heavily negative, indicating shorts are still dominant. However, there is a shift happening as futures CVD (Cumulative Volume Delta) is increasing, and volume delta shows that long positions are gaining momentum. The likely scenario is a rise toward the 58.7K level, followed by a pullback to the 4-hour FVG (Fair Value Gap) area.
At the 58.7K level, a large number of short liquidations are stacked, potentially acting as a bait for retail traders to open short positions, likely driven by fake orders. Meanwhile, medium-sized whale buying activity has been steadily increasing since yesterday morning.
On the spot market, a significant sell wall is forming between 59.5K and 60.5K, which could act as a barrier to further upside movement.
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