Today's Market: 98k has reached multiple critical levels... (1）

Funding: Yesterday was still very hot.. Coinbase spot CVD net bought 1000+ behind it, and ETF was 800 million...

But around 97~98k, selling pressure emerged, with signs of buy orders being absorbed by sell orders (as written yesterday)

And after the sell orders above 98k concentrated on Coinbase, Coinbase's CVD also started a downtrend for the first time this week (some profit-taking began)
(Figure 1 Figure 2)

98k is a major point of divergence here... (Figure 3)
1 From the K-line perspective, 98~99k is where sharp needle insertions occurred multiple times before the complete breakdown of 100k on November 14th.. It's also the consensus bottom from the needle tip after 10.11

So after several insertions at 99k, there's a large amount of bottom-fishing positions here.. When it completely breaks through, this becomes a medium to long-term old trapped position - > thus support and resistance swap..
The greater the consensus of bottom-fishers back then, the greater the pressure now for trapped positions to break even.

(Recall, when it was in the 80k range, how many people said they would exit completely if it returned to 98k or 100k?)

2 From the volume distribution perspective.. After 10.11, 98k is currently a trading volume vacuum zone.. Almost completely no position change (because the breakdown from 99k to 96k was too smooth)

This imbalance in trading volume has a need to be rebalanced in the future (meaning consolidation and position rotation here, bulls and bears reaching new consensus) Trapped positions handing chips to new buyers

3 From on-chain analysis, this is also the average cost line for short-term holders..
Reference M's @Murphychen888 post from yesterday

The current order hanging and position rotation situation very much aligns with the 98k situation above... Trapped positions wanting to exit, manifesting as massive sell orders at 98k
(Both explicit and implicit, explicit ones are from the order book in Figure 2, implicit ones are the large CVD absorptions I discovered at 97k yesterday)

So for today ahead, it's still very difficult to judge.. Everything depends on US market funding, depends on whether US market Thursday and Friday fires up or dies out...

For example yesterday, technical analysis thought consolidation or pullback was needed, but US market directly FOMO'd 800 million in (BlackRock alone 600 million) This just pushed it up directly...

Right now too, although order flow and technical analysis both think consolidation or pullback is needed here, but what if it's another 800 million today?

If US market fires out today, maintain a shock range here.. If US market continues, another 800 million would test 100k

Currently the only thing that can be preliminarily judged, is Coinbase CVD in the US market middle of the night - yesterday middle of the night was continuously in TWAP buying status, so after daybreak 800 million entered.
Today middle of the night is in slow selling status, does this signal today's US market may reduce buying power? Only know after opening...

At least today from GEX perspective, still cleared the path to 100k with 98k negative gamma, 100k has very large negative gamma meaning if funding can continue buying upward, options won't block the way but will assist.. This script of a acceleration push upward still exists on GEX..