$BTC update URPD snapshot. Here’s what the positioning is telling us. 🔹 Roughly 80% of the $1.1T liquidity that entered Bitcoin is currently underwater. 🔹 The 72-80K gap is getting filled. 🔹 In other words, we are seeing consolidation in that zone. That’s a good thing. Because if this continues, we can build a strong support area here, similar to what happened in the 55-72K range. But we are still in a critical phase. After months of negative data, Bitcoin hasn’t even tried to break out of the downtrend. So what does that mean? I think a fast rebound in the short term is difficult for this reason. It would take a truly major positive catalyst. A 25 bp rate cut from the Fed isn’t a big enough positive on its own. And equities don’t have much runway left. They’ve been running for two years already. This doesn’t change unless STH-RP and the 365D SMA are broken. STH-RP: 94.K 365D SMA: 100.7K Thanks for reading 🙏