What the data tells us

Today started with more pain for the markets with BTC dipping below $89k for a brief moment.

On a positive side though, even after a slight recovery the sentiment stays low, which is a good indicator ("wall of worry") for a potential price rise.

Additionally, we saw a bit more liquidations, and the total debt level started to decrease, which is also a positive.

Conclusion

The situation reminds me of late January 2022 - prices dropped a lot from the highs, many people are starting to think we're firmly in a bear market now. I'm expecting rangebound conditions for a while, with the top of the range being around $110k, followed by further decline and eventual unwind of the treasury company saga.