Bitcoin: Spot and perps meet at 114k, order books still bearish. What happens next? Basis collapses to zero. Yesterday perps sat 300 USDT lower, now they match spot. Order-book: Spot depth -96 M, Perp depth +389 M. Passive futures bids catch the knife. CVD stays red. Spot about -0.5 B, Futures about -1.8 B. Sell flow rules. POC 114 450 is the line to watch. Lose it and price may slide to 113.3-112.8 k where liquidity is thin. Funding positive at +0.0067 % while OI climbs. Longs pay to hold, risk of squeeze grows. Plan: • Fade any bounce into 114.7-114.9 k unless spot CVD turns green. • First target is the empty zone under 114 450, next is 113.3 k. • If basis widens again or funding flips negative, consider covering shorts. 🎓 TL;DR: The discount is gone, but the sell flow and order-book imbalance remain. If bulls cannot lift above 114.7 k quickly, a drop into the thin pocket below is still the easier path. Stay ready. 📉