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Retail is heavily positioned on the short side of Bitcoin right now.
The liquidation data is very one sided.
A $10,000 move up would wipe out around 6,000 BTC worth of retail shorts.
That is a huge amount of forced buying waiting above price.
A $10,000 drop, on the other hand, would only liquidate about 2,000 BTC of retail longs.
Most traders are positioned for a rejection.
That is pure disbelief.
I initially expected a move to $100k and then a pullback.
But with this kind of imbalance, the setup looks different.
When everyone leans short, price usually goes higher.