Bitcoin has recently been steadily rising, breaking through recent highs, and it looks very promising, with a target above $76K not being an issue. From the candlestick structure, it also appears quite solid, supported by fundamentals that underpin this trend. But this is where it gets interesting—I’ve noticed something off with the order flow data lately.

Open interest and perpetual contract CVD are both rising simultaneously, indicating that bulls are aggressively chasing the rally, but the spot market is selling off in stages during this upward move. That’s unusual; a healthy bull market should see spot leading the rally, yet now it’s reducing positions? This creates a somewhat fragile situation.

If these late-entry bulls get trapped, and the price reverses, the lack of spot support could cause a rapid plunge. So, despite the seemingly beautiful trend on BTC news, there might be two hidden possibilities—either the rally continues or it suddenly reverses. I’ve prepared contingency plans for both scenarios and will respond flexibly based on real-time signals.