The current rebound on $BTC is entirely driven by the perpetual contracts. We observe an increase in open interest while the price struggles to accelerate, a clear sign of long openings rather than shorts closing.

The spot remains absent, the movement is driven by the perpetuals, with quite a few aggressive leverage positions, while the spot stays passive.

We notice significant liquidity above, particularly between 90k and 94k, with persistent sell walls.

All indications point to a distribution phase, a classic bull trap designed to trap late longs. As long as the spot does not regain control and these zones are not convincingly reclaimed, the advantage remains clearly to the sellers.