I just noticed, BTC is struggling around the 80-81K area, it seems there is quite a strong resistance there. But what's interesting is looking at the derivatives market— the signals are starting to show clear signs of risk aversion. Short position volume is increasing, funding rates are starting to decline, all of which indicate traders are becoming defensive.

From a long-term price perspective, this movement could be a turning point. So far, the bullish momentum has been quite solid, but now the market seems to be taking profits or hedging positions. On-chain data is also beginning to show distribution from smart money.

What to watch out for is if this resistance holds and the derivatives market continues to show risk-off sentiment, it could lead to a deeper pullback. But this is just the initial signal, there hasn't been a decisive break yet. It depends on whether the support at lower levels can hold or not.