According to Greeks.Live, the overall market sentiment is cautiously bearish in the short term, with traders noting declining volumes and thin order books during the holiday markets. They are focusing on key levels between 84k-88k, with a particular emphasis on the 80k psychological level if the market breaks lower. The weekend market is expected to remain range-bound, driven by perpetual contracts, while spot selling continues. Notably, volatility has decreased significantly, with calls for next week priced at sub-40%, presenting a potential opportunity for gamma positions. Traders are advised to consider buying cheap options or option ratios to capitalize on the low volatility, anticipating a potential liquidity squeeze when markets stabilize.

According to Skew Δ, a large Binance entity is actively shorting the market and selling spot, which is impacting Bitcoin's market positioning. Meanwhile, long positions continue to be managed across other exchanges like Bybit. This activity indicates a predatory flow targeting market positioning, with potential implications for traders in terms of liquidity and price movement.