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There's a feeling that a decisive battle between bulls and bears over the weekend is necessary...
Open interest has already approached the high point of 60,000 in February... (Figure 1)
The question is, what's next?
From the perspective of order book depth, this is almost a left-side opportunity... Within a 5% range up or down, Binance's buy orders are four times the sell orders... The entire network's buy orders are three times the sell orders... (Figure 2)
This is already the threshold for a low point reversal since the 63,000 spike on February 28...
Currently, there are over 500 spot orders around 65,000, and a bunch of contracts as well...
(Origin of imbalance)
As long as Trump doesn't cause trouble over the weekend, it will be hard to break through...
(Once it hits 65k and can't pull back, it can run)
So right now, the left side is basically betting whether the weekend will see a big move or if negotiations will continue to drag on...
And what about the right side?
So far, the most concentrated short position is around 67k, with shorts betting on a breakout...
Binance has about 1,000 orders around there, and the entire network has over 3,000+
If the price can return above 67k, these shorts could potentially turn into fuel...
So, if it can break through and retest 67k, that should be a good right-side opportunity...
No more jet lag, just get up and look...