Contract side first reports:
$BTC marker price 63535, open interest still at 6.24 billion USD, longs 61%, taker 1.04.
Fear greed index is only 12, but longs haven't dispersed yet, this structure isn't comfortable at a low level, it's still people using leverage to hold in panic readings.
The first point is to look at Iran / Hormuz headlines.
The verifiable signal is whether $BTC tests 60K again, and whether open interest continues to hold steady without dropping.
If the price dips, open interest doesn't decrease, and the long ratio remains above 60%, it indicates stop-losses haven't