I have a feeling that someone knows something and that is why we are dumping. The open interest increased a few days ago when we started to decline. I think there is word of a ETF rejection or a delay that we will receive at the end of the month most likely
Usually when we trade in this type tight volatility, it means we will one day break-out. However we don't know which way. But it now looks like we are breaking in the bear side. We will see if $27K holds, but if it doesn't then it doesn't look good.
Michael Burry dumped his stocks before this BTC dump happened. I guess he got a heads-up for what's coming.
My anticipation this time is for the weekly scale to hit the bottom, the price has to go down to $18k for it to be considerably a good bottom before bouncing gain.
For the speculators in the futures market to stop speculating, they'd have to move to the spot market or get liquidated and by that time, prices will go up. This kind of dip has always happ[en every time there is an exchange activating their futures market. This week it was Coinbase.