Bitcoin has not seen significant movement intraday, and the market remains in a wait-and-see mode. Currently, the overall positions are in a delicate balance, with perpetual contracts split evenly, showing no clear directional bias. Both bulls and bears are competing, waiting for a breakout. From the market environment perspective, recent capital inflows and whale support suggest an upward expectation. The greed index has risen from 12 to 21, still in the panic zone but with a clear easing of sentiment, which is also a potential bullish signal. However, it is worth noting that the perpetual funding rate remains negative and has been so for a considerable time, indicating a greater betting on downside and a willingness to maintain volume.

Currently, liquidation of long positions is concentrated between 723 and 725, while short liquidations are focused between 766 and 775. Therefore, the market remains balanced, unlikely to break easily beyond these liquidation levels. When approaching these levels, major players tend to intervene, so the most probable scenario is that the price will move within a range. A breakout would only occur if one side becomes dominant or if fundamental shocks cause a breakdown. For now, treat it as a range and keep an eye on market developments.

The price is currently at the lower end of the range, between 736 and 732 for longs, and around 752 to 756 for shorts.