Bitcoin's leverage setup is getting pretty aggressive after that relief bounce. The key thing to watch right now is whether we see late longs getting liquidated—if that happens, we could be looking at a cleaner move higher toward the 95K range.

Today's sharp drop in both BTC and SOL futures was honestly an overreaction given the news cycle. The move was pretty extreme relative to what the actual fundamentals suggested. Once the dust settles and we squeeze out these overleveraged positions, we should have better conditions for the next leg up.