$BTC update

After the panic sell-off, prices have started to stabilize at a major long-term support level.

Funding rates remain positive, indicating that perpetual contract traders are still highly bullish despite the pullback.

Meanwhile, open interest is near the highest levels seen in this cycle, suggesting there is still significant leverage in the market.

A positive development is that the spot market has now stopped aggressive selling.

As long as spot demand continues to improve, a short-term rebound from this area becomes increasingly likely.

The main question is whether spot buyers can maintain enough control for a sufficient amount of time to force a larger upward squeeze.