According to @52kskew on X (Sep 12, 2025), BTC has rallied strongly on the 4H timeframe but is pulling back after testing the first resistance and a clear market supply zone (source: @52kskew). According to @52kskew on X (Sep 12, 2025), lower timeframes show bids pushing through that supply while sellers remain active around $117K (source: @52kskew). According to @52kskew on X (Sep 12, 2025), some longs are taking profits and the advance has been spot-driven (source: @52kskew). According to @52kskew on X (Sep 12, 2025), funding is negative—likely due to passive shorts building and longs trimming exposure—so context on dips is important for trade positioning (source: @52kskew).

According to @QCPgroup, BTC perpetual funding on Deribit turned negative by Saturday after staying above 20% for a week while spot drifted higher, signaling a red flag in their view, source: QCPgroup on X, Aug 18, 2025. According to @QCPgroup, a similar funding and spot divergence setup preceded BTC’s fall to 112k earlier this month, highlighting a historically bearish outcome for crowded longs, source: QCPgroup on X, Aug 18, 2025.