$BTC +1.4% today but CVD_4h at +$15.1M while perp/spot ratio sits at 76x Buyers are lifting offers with leverage, not spot. That's a structure built on borrowed conviction Options dealers short calls into $68K with $2.5B OI consolidating below. Max pain at $65K holds 1.6% above spot This rally evaporates at first volume dry-up. 48h or invalidation at $68K
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