Bearish:

Liquidations are now pointing towards the downside

Open interest continued to decrease into the rally, which is not a great sign for continuation

Volume also fell into the rally, which is not a great sign for continuation

Bullish:

Bitfinex longs at a new all time high, which means whales are positioning for a macro rally

Retail is still loading up on puts for some reason LOL (They usually buy CALLS when prices rise, but not this time! This is a major red flag for the bears!)

Max pain is still well above price, stitting at 36k

Twitter sentiment is still at some of the most bearish extremes ever recorded. They have yet to flip bullish!

The vast majority of options currently expiring on May 16th are OTM puts. This encourages market makers to at very least keep the price stable at high levels, and certainly not allow it to fall dramatically.

I am continuing to hold my calls on Bitcoin which expire in around 2 weeks with the expectation that we could see a monster rally here. However I am becoming more cautious because of the fact that liquidations have stacked up to the downside, which does mean the potential for prices to fall.

The market is the best game ever made. Thanks for playing.