Today’s Market Overview (1)

Figure 1 Figure 2
Let’s start with the order book... Yesterday, spot buying continued steadily, eating away at sell orders all the way up... When facing sell orders at 68k, 68.5k, and 69k, the price faced little resistance...
However, as the price approached the truly dense supply zone above (70k), and the bullish delta was nearing 2B, it encountered resistance... (Figure 3) Ultimately, it formed a rounded top to end the move... Still consistent with yesterday’s final expectation (see the last point from yesterday)
Actually, yesterday there was an opportunity for an entry model — that was the spike following NVIDIA’s earnings report... It was a classic volume surge followed by exhaustion, a final push, but I was outside and didn’t act on it...
Looking again at Figure 2, above 70k (70-74k) is a true spot supply zone... Large orders continue to exist there...
If we try to identify a potential medium-term top for this rebound, it might appear within this range (70-74k)
Similarly, the demand zone is still below 63k... but personally, I don’t think there will be a good opportunity in the short term anymore
(Referring to the 83k level, the order strength at 63k was similar to that at 83k back then. After a single probe, there was no further chance to enter the demand zone for a while)
From the futures perspective, there are some small orders above 69k in the short term, so currently, the price is being suppressed by 69k... It needs spot market momentum to push higher.
Figure 4
Finally, let’s look at open interest (OI)...
During yesterday’s continuous rally, spot market activity was the main driver. Futures were relatively restrained.
Probably everyone also doesn’t know why this rebound happened or where it’s headed, so OI didn’t increase significantly yesterday.
After the sideways movement in the Asian session, the bears have already exited... OI has returned to a relatively low level recently, with ample capital reserves, preparing for the next move...
It’s not over yet, the charts are not enough, more to come in the next post...