Spot demand continues to drive the bounce, but it's now running into a major overhead supply 64.5k–65.2k.

Spot have absorbed roughly $223M in selling over the past 12 hrs, while Binance perps remain relatively defensive.

Around $13.9M in shorts have already been cleared, shifting the focus from liquidation fuel to whether bulls can absorb the ~2,045 BTC resting ask at 64.5k.

Watching 64.5k–65.2k here, with structural demand still holding in the 61s.