Good morning! ☀️ Here's the latest update:

📈 Bitcoin spot purchases are still insufficient but there are some coming in. Open Interest has risen again, but short positions have increased. Funding rates continue to be negative. Additionally, the rise to $55,300 has resulted in a significant amount of short liquidations.

🔍 Technically, we have a resistance at $56,117 and a weekly support at $54,000. If we break the $54k support, revisiting $53k is likely.

💭 In my opinion, given the funding and short positions, we should see an upward movement. However, the weekly outlook remains poor, so this upward move might not materialize. Just as funding becomes less significant in a bull market, the same might apply in a bear market.