Benson Sun: Market Still Has Bearish Signals, Has Sold Spot Bought in Early Septemb

On September 25, crypto KOL Benson Sun posted on the X platform that after six months of consolidation, the market is at a critical juncture. With strong gains in torrents and the ETH/BTC exchange rate, coupled with bullish macro news, sentiment is currently high and people are looking for Bitcoin to break above $65,000. However, there are still some bearish signals, including: CME positions larger than 150,000 BTC; long-short ratio at around 0.8; spot order book selling pressure is high; long-short spread (buys minus sells) is falling, making it unlikely that it will break through the sell order selling pressure; and Mt. Gox is moving BTC once again. Benson Sun said that every phase top in the last six months has shown similar scenario, where optimism meets technical resistance, leading to a technical pullback rather than a breakout. Nonetheless, we could see a major macro change. He himself decided to sell some of the spot positions he had bought on September 7th. However, as the market adapts to these new conditions, he said that any downturn could provide a great buying opportunity.