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The Bitcoin price action has been very healthy.
In my opinion, it is the exact kind of price action we want to see for a continued move higher.
Let's go over what we're looking at.
1. Funding has been deeply negative this whole move up, meaning shorts are paying longs and shorts are having to keep covering higher
2. Spot volume has been leading every price push - very healthy foundation
3. Coinbase Premium has been positive the whole time, meaning the spot demand in the US is strong
4. Open interest has been rising on each pump but then being wiped out on the consolidation after. This is clearing out leverage before moving again.
What we have here is a strong move higher, built on spot demand with shorts covering higher and apes only leverage longing on moves up, not after price stagnates.
Overall this is a very healthy move and we have room to keep pushing higher before any meaningful pullback.
Moves like this, built on spot demand and minimal leverage, are what we want to see.
That is my bias here with this data.