$BTC This is exactly why an immediate bearish continuation seems unlikely. My next major HTF target remains $52.500. This is -17% from the current market price. A move into that level would liquidate around $2.75B in long positions. However, if price „only“ retraces into the golden Fibonacci zone of the recent dump ($68.5k–$70.8k), more than $7.8B in short positions would get liquidated. That move is just +10% from current market price. That means longs currently outweigh shorts by 1:4.2 and I don’t think market makers will ignore that liquidity before another leg lower. So a relief pump makes the most sense, not only from a technical perspective, but also from a liquidity perspective. The higher we retrace, the more short liquidity gets cleared, while at the same time more liquidity continues to build below price to target later. That would create healthy conditions for the next major move to the downside.