Retest of Strength

Eyeing $40k. After an extended period of fear, uncertainty, and doubt (FUD), Bitcoin has finally rebounded dramatically over the weekend, and is now inches away from $40k — well, at least it is what appears on most exchanges. In a brief moment of utter exhilaration, we noticed a wick that went up as high as $48k (if only that were true), while its spot counterparts laid low near $38k. Apparently, some liquidities are more equal than others. Futures basis schism is observed as market positioning is diverging on major exchanges, with FTX and Deribit seeing stronger bids. Would this hint towards another round of short squeeze? Ether, in anticipation of the London upgrade, is up more than 20% and jumps back to above $2,300.