@velvetgleam
$BTC has returned to the previous 4h demand zone. As mentioned in my earlier tweet, the liquidity distribution in the futures market is pretty unfavorable for bulls, which means support in this demand zone is on shaky ground.
Looking at the spot premium index, we can see that since the correction started on August 18th, the spot premium has been dropping steadily. This suggests that the first half of the retrace (after the recent high) was mainly driven by futures longs closing out, while the second half was due to spot selling pressure.
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