A very interesting setup is developing on the low timeframes on Velo Data.

While the price is moving down and breaking below the high-timeframe support range at $65.9K, open interest is increasing and funding rates have moved deep into negative territory, suggesting that bears are doubling down on their short positions.
Technically, that can signal a deviation below the support range.
However, before I take a decisive stance, such as scaling out of my hedges and positioning for a reversal to the upside, I want to see clear signs of strength and the key high-timeframe support ranges I highlighted in prior PAT updates being reclaimed, confirming that the bottom is in and that I’m not buying into a falling knife.