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$BTC It’s not looking good for bulls.
Exactly what I previously said I didn’t want to see during this move is happening.
Perps are continuously aping into longs, while spot CVD has been flat for a few days now.
This brings back the same dynamic that led to almost all previous reversals after a leg up over the past few months.
It’s just a fact in crypto that moves which aren’t supported by spot are very fragile.
Of course, this doesn’t mean we have to dump right away.
We have also seen that this can continue for a bit longer, but if we don’t get substantial spot buying soon, we’ll see new lows faster than late longs can read their liquidation notice.