BM Finance

They hit us with a double squeeze again.

Still no proper direction and stuck around the $26K region.

CME Gap has been closed just now.

Closed it's weekly candle above the Weekly 200EMA but still below the 200MA.

Decision time soon!

I think both the low $25K region as well as $27K would be good reversal areas if price were to visit those.

Right now we're in the middle of everything right in the $26K range.

Waiting to see $BTC's reaction at these area's of interest.

Quite a few large shorts entering the market.

That's over $40M already on just Binance while price barely moved.

Would assume these start covering above ~$26K.

If these get a free ride down then that should signal further weakness.

Spot Premium starting to decline again.

This means funding rates get closer to their baseline and if they do that, shorts stop paying longs.

Sentiment is bad but the data is not really reflecting this in the way of showing heavily negative funding rates.

$ARB Starting to look interesting. Was eyeing for this deviation to play out.

As long as this holds above $0.91 I could see this move towards $1 & $1.1 respectively.

$NASDAQ Is now trading just 2% from it's 2023 high and 7.5% from it's all time high.

Will we get there in one go or does this need more consolidation first?

Something like this?

Spot Premium slightly increasing. This means that the spot market price is trading above that of the futures/perpetuals.

This causes a below baseline or negative funding rate where shorts pay longs.

Big positions getting chopped up.

Price basically doing nothing, yet we see these 5-10M positions entering only to have to cover shortly afterwards. Chop chop chop.

August is almost over and is currently sitting at a double digit negative return.

September is historically speaking, quite bad for $BTC.

Is this time different?

$BLUR Large move + Volume increase. Volume on blue chip NFTs also ticking up the past 2 days.

Just a short Squeeze & Sweep or is there something else going on potentially?

Would not be surprised to see some news drop and this being insiders but we'll never be sure.