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. 📉
