BTC Looks like we had some absorption of buyers around 123.5K ish - decent confirmation being the lower high on 2nd bounce & flat - declining spot CVDs - takers selling into price since absorption on 2nd bounce Market does still quote bid liquidity around 121K - 120K but what we need to see next is absorption of sellers to rule out a sweep lower A lot of new perp positioning opening into declining price here, quite likely to be dominated by new shorts opening due to declining CVD & Funding with the increase in OI(Skew Δ)