BTC is testing resistance—but the derivatives market is not crowded enough for me to short blindly.

Price is approaching the 66,600–67,000 area while maintaining a sequence of Higher Highs and Higher Lows on the 4-hour chart.

BTC also remains above the major moving averages, with MACD still positive and expanding.

The derivatives data does not yet show extreme bullish positioning:

• Funding rate: approximately +0.0026%
• Global long/short ratio: approximately 1.04
• Top-trader account ratio: approximately 1.14
• Top-trader position ratio: approximately 1.42

Funding is positive, but still modest.

The overall account ratio is nearly balanced, while larger traders remain net long—although their long bias has weakened compared with earlier readings.

Open interest is around $6.94 billion, below the recent peak near $7.11 billion but still above previous levels.

That suggests some leverage has already left the market, but there has not been a major deleveraging event yet.

For me, this is not enough to justify an immediate short.

I would wait for one of two setups:

1. A failed breakout above 67,000, followed by a 4H Lower High and a break below the latest Higher Low.

2. A breakdown below 65,500, followed by the loss of the 64,700–64,000 support area and a failed reclaim.

If BTC breaks above 67,000 with strong volume and holds, the short thesis must be postponed.

Resistance tells me where sellers may appear.

Structure and positioning must confirm whether they are actually taking control.

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