MINIBOSS

In the short term, it’s a weak-to-sideways consolidation. The main pressures are crowded positioning in the long/short ratio (+ ETF fund outflows + BTC pulling the market down). But the leverage flush has already passed halfway, and sentiment is in an extreme fear zone. If spot demand returns or a macro positive catalyst lands, there is also room for a rebound. Key levels: $1,950 above is the short-term long/short watershed, while $1,520 below is the extreme support for this cycle’s phase.