📉 Despite holding a short position at the peak, my bearish thesis on Bitcoin remains unchanged. My liquidation price is $86,000, and I will not be adding to the position. If I fall, I hope you continue shorting at $86,000. Here’s why: 🔍 1. Policy: The Fed is not cutting rates—and may even hike. That’s a macro headwind for risk assets like crypto. 💸 2. Capital Flow: There’s no real support for Bitcoin to break $83,000. Daily trading volume is shrinking, signaling weak conviction. 📊 3. Market Structure: Open interest across the network is declining, and contract funding rates have flipped positive. This suggests a cautious market. However, beware—there are large sell orders clustered around $83,000. Market makers may sweep all shorts at that level before reversing downward. Stay alert. 🏦 4. Equities: U.S. stocks are at elevated levels and due for a correction, which will likely drag crypto down with it. Plus, the Fed’s new term begins on May 15, and the upcoming World Cup will siphon liquidity away from crypto. 🚩 In summary, this rally feels like a liquidity grab—using short positions as sacrificial lambs to fuel the move. History suggests we may see this play out again. Stay sharp.