The market's giving mixed signals at the moment – nothing conclusive either way. Perpetual futures aren't overextended, spot volume is climbing, sell-side orders are stacked deep but could evaporate quickly, and we haven't seen any liquidation cascades yet. The setup suggests room to move, though it all hinges on how these conditions play out in the short term. Right now I'm watching the technicals closely – the bigger picture will reveal itself as price action develops and these factors either intensify or cool off.