The spot is stable, and on the perps, we see selling attempts, but no downward continuation. Each selling impulse is absorbed without any real price movement. This mainly reflects shorts hitting a liquidity wall in the spot market. On the order book side, there is weight above, but it is static, not aggressive. Below, liquidity is more fragmented, suggesting a willingness to protect the lows as long as these bids do not withdraw. In fact, there is more cleaning than initiative: bids are removed, replaced, but no one is forcing the move. This kind of structure rarely ends in a soft continuation. Either we squeeze the shorts if the spot decides to move up, or we trigger a quick flush to clear out late longs.