Looking at the market today, it's really tough to handle...

90k seems unbreakable... The bears indeed dumped a huge amount of chips, with the delta peak on the entire network exceeding -1.5b before dropping from 90.6k to 89.6k (Figure 1).
There are a large number of orders around 90k, absorbing this wave of selling (Figure 2).
It's a wave of exhausted absorption... and at the same time, a large liquidity wave was captured at 90k.

The last time bears dumped -1.5b was on December 18th... when the price dropped directly from 88k to 84k...
As a result, 84k became the lowest point in the following two weeks...

The ETF giants just rallied for two days, buying 400 million and 700 million on the 2nd and 5th... inexplicably, in the past two days, they started dumping again with 200 million and 400 million...

All I can say is that the current market can only be read based on spot price... There are no more orders around 90k now... If spot continues to sell off, we might see demand zones at 87k and 88k again...

If spot selling can stop, then we can continue playing in the 90~95k range...

Additionally, the small non-farm payroll data yesterday was decent, although below expectations, but at least it showed growth. So, is this wave a risk-off ahead of tomorrow’s non-farm report? Will the bulls have to hold on for another day until tomorrow’s announcement?

Remember a few days ago, when the market surged strongly upward, many people missed the opportunity and said they would re-enter at 90k on a pullback... Now that 90k is here, should we go all in?