Markov

$BTC – Order Flow Interesting dynamics developing around daily value. Order book pressure from both - spot and perps - above price continues to build gradually, while spot is starting to offload locally. Nothing particularly aggressive yet, but price is beginning to respond. The current auction is somewhat two-sided. The longer we consolidate here, the more time and volume the market has to establish acceptance at these prices. Meanwhile, growing overhead supply could continue to cap upside. What I'm watching: Bearish scenario: Selling aggression is currently disproportionate to the resulting price movement. If sellers finally produce follow-through and we lose $80K, I see potential for a relatively quick rotation toward $77–78K.Bullish scenario: However, if aggressive selling continues without meaningful downside progress, those shorts become increasingly vulnerable. losing the daily VWAP as resistance and reclaiming it would likely force out those shorts fueling another rotation higher The key is whether sellers can turn their effort into actual price displacement. My trading plan remains unchanged. Within this tight local range, I currently see no meaningful execution edge. No reason to force anything. Waiting for the auction to resolve. 🤝 3

$BTC – HTF Outlook | Pivot Roadmap I've been able to execute these pivots quite cleanly so far, although yesterday's NY session extended the upper pivot beyond my initial expectation What I'm showing here is simply a roadmap of key price references, not a fixed directional forecast. Ideally, I'd like to see another mitigation of the upper area into deeper corrective retracement levels, before price potentially rotates lower to rebalance remaining inefficiencies and access liquidity below. -> at least that is what i would want to see to position myself However, I'm not attached to this sequence. The roadmap remains intact, but my execution is entirely flexible. These levels define where I'm interested, not what the market has to do. Let's see how the auction develops. 🤝

$BTC – Liquidity Outlook | Potential Downside Rotation Despite the relatively clean local low, I'm currently seeing more fuel below price. The liquidation levels delta shows a ~$12B LiqLevels imbalance, suggesting greater downside liquidation exposure -> no guarantee but definitely a dynamic to keep in mind If upside momentum starts fading, a corrective rotation toward $77–78K could develop relatively quickly. That's where I'd be interested in building new hedge longs The depth and quality of that rotation will determine whether it's merely corrective or develops into something more substantial. Liquidity provides the opportunity. Flows determine the execution.