المنشور

> Bitcoin Analysis: $BTC has already risen significantly, so now what to watch isn’t RSI, but who’s buying. BTC is currently around: $78,500. After the rally from the $58K area... BTC briefly touched $81,272. And derivatives data shows some interesting conditions. > Open Interest up around 18.6% in 7 days. BTC futures OI up from around: $48 billion → $57.3 billion. This means... A lot of new leverage is starting to enter the market. The rally is still strong... But the risk of a long squeeze is also increasing. > Funding Rate is still relatively normal. The majority of funding is still positive. This means traders are indeed leaning LONG... But not yet at extreme euphoria levels. This is still quite healthy. > Options market turning defensive. The August 28 expiry has around: $6.4 billion in BTC options. Call OI is still larger than Put... But recent Put volume is starting to get higher. This means some traders are starting to buy protection against a drop. Max Pain is around: $68K. Not that it means BTC is definitely heading to $68K... But this positioning is still interesting ahead of expiry. > Meanwhile, spot demand remains strong. US Bitcoin ETFs recorded around: $2.2 billion in inflows over six sessions. So this rally isn’t just a short squeeze. There’s spot buying supporting the price too. > Key levels: - $77K–$78K = support - $73K–$75K = next support - $80K–$81.3K = resistance - $82,850 = main breakout level In conclusion... The bias is still bullish. But leverage is starting to pile up and BTC is close to major resistance. If $82,850 is broken through with spot demand staying strong... Bullish continuation becomes even more valid. But if the breakout fails while OI keeps rising... Be careful. The market might need to shake out late longs first.