$BTC Price came down to 61k and it held,



Currently price is recovering back up and is now sitting at 62.8k,

CVDs are improving from the lows, with perps continuously ticking up,

Spot is recovering aswell but is weak compared to perps (Divergence) and both CVDs are still in extreme negative.

Meanwhile OI is slowly declining as shorts partially cover,

There hasn't been any major liquidations yet aside from small shorts closing,

Overall, the move up is mainly derived by perps and shorts covering,

Meaning we could retrace the pump soon,

Though if we get spot buyers participating and spot CVD going up, with perps and OI rising alongside,

Then we are gonna go up and test higher levels and possibly break above monH (64.2k),

But in the case we don't see spot demand coming,

We are gonna go back to 61k and test the HVN again before any further move.

It's better to move the SL to entry rn,

Because if we go back to our entry then we are probably going even lower, where we can look for better entries.
BTC0.66%
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GateUser-0d1088ad
· 3h ago
Shorts covering driven rally has poor sustainability; waiting for a spot confirmation signal.
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LittleSunOfStainedGlass
· 3h ago
Spot CVD is still stuck in the deep water—no real money has really come in, and the 62.8k level is hanging in the balance.
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EchoesOfMistValley
· 3h ago
I've already moved the stop-loss to the cost basis. If it drops back to 61k, be prepared to find a new position to enter.
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VineGeometry
· 4h ago
Estimating the 61k-64k range still needs more grinding; before the direction is clear, it’s better to keep your position lighter.
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RugCheckSkeptic
· 4h ago
Perp CVD is trending upward, spot CVD is flat, this divergence doesn't look very comfortable.
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PatinaTradingBell
· 4h ago
OI is dropping, and the shorts are fleeing, but no large positions have been liquidated, indicating that the bulls haven't truly gained momentum.
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ContractsMustNotLie.
· 4h ago
This rebound is entirely due to perpetual contract short covering; spot prices are not moving, so you really need to watch out for false breakouts.
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