The current funding situation is indeed a bit tight, with large sell orders piled up above $90k for $BTC. Bulls need to forcefully absorb all the sell orders at the 91k level to break through; otherwise, they can only fluctuate back and forth between 85k and 91k.

Since the decline began on the 14th, this range has been oscillating for 16 days. For swing traders, this isn't necessarily a bad thing—shorting at resistance levels and going long at support levels allows for gains on both sides. However, this stalemate can't last much longer, and a turning point should be approaching.

The market's long-short ratio is still somewhat balanced, but according to trading software data, the number of short positions slightly exceeds long positions. This is normal, as most people are not optimistic in the current environment and are betting that BTC will quickly break below 85k and further explore towards 80k.

My personal view is a bit different. I tend to believe that after a rally, there will be another dip, and even a small rebound will require more time to digest. Currently, I maintain a cautious outlook, and I expect a clearer direction to emerge around the 31st.