Mostly complete list of exchanges that breached $50000:
Surprisingly, and Bakkt's March were unable to break over $50000. CME's June contract did, however.
play a huge role in leveraged trading. I have seen this happen with OKEx's quarterly contracts before. I don't expect a drop to doom, but I also do not expect bitcoin to rush into $50000 within the next few days.
Invalidation if March run 50k again and bring spot/perps along with it. Unsure of short target, would likely be ideal to buy the dips.
Abnormally high funding also plays a part in direction as funding rate is meant to bring perpetual swaps back in line with the index price.
While funding is hourly on FTX perpetual swap contracts, the cumulative rate is lower.
But apes are keeping funding up, premium has not budged, so I am expecting some further downside to demoralize derivatives traders. A bullish dump, unless spot markets can catch up in price to lower perpetual funding costs. That shouldn't happen on the weekend because spot traders usually utilize traditional banks for inflow. Something to watch is 'CME:ES1!' on Sunday open. It's very close to breaking $4000 and has already ATH''d.
(I don't trade fractals like this often, take with pound of salt)
Sorry if I haven't replied to your message yet, I'm a bit backlogged :)