A tumultuous week, the bitcoin price began to find its foot again, as it rises from the main support around the level of $ 115,000. Currently, it seems that the pioneering cryptocurrency currency is in the way of recovery It may move towards new levels This week with the momentum captured. There is also the possibility of a short pressure to come, as a Crypto Luca analyst explained on X, using the recent developments that show that the last accident may be only temporary.
Bitcoin shows a tendency to cross $ 123,000 again
In the X, Luka publication Duplicate To Bitcoin Market makers, as is the case behind modern price movements and there was a reason for that. the The initial move down It seems that an attempt to get rid of the late revolutions as encryption traders tried to take advantage of the frenzy that has ever created the new high levels.
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Then the reflection moved to the business, the coast of the coast is unaware and the liquidity preparation is at support levels. This comes at a time when the bears were withdrawn to a false feeling of safety, believing that the price will continue to decrease before moving with the decline to above 118,000 dollars, which led to hundreds of millions of dollars.
All this happens at a time when things like Bitcoin financing decreased. Coinglass data He appears Bitcoin OI fell shortly to less than 0.01 % on Sunday, after reaching an increase of 0.0167 % earlier in the week on July 23. Luca also revealed that Bitcoin Premium Metric He also returned again to the negativity.
Another interesting fact was the fact that the open interest increased when the price of bitcoin decreased. After that, as soon as the price began to recover, the open interest began to rise again, and the interpretation of this as short positions began to press. If this pressure continues, the price of bitcoin can rise very quickly, with tens of thousands of short positions.
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BTC Open Interest tells the story of exposure
Since the price of bitcoin wore between $ 115,000 and 120,000 dollars, the BTC’s open interest has declined up. In fact, this scale sits at high levels at all, as it gets rid of uncertainty in the market as encryption traders continue to open sites for betting on the next step for Bitcoin.
the The open interest has touched $ 87.89 billion Again on July 15, and since then, its average has reached more than 80 billion dollars per day. Amid this, the long/short/short percentage He appears The trucks currently dominate 53.97 % compared to 46.03 % for long accounts. This adds credibility to Luka’s expectations that the market can see short pressure to take out trucks and pay the price to the highest levels ever.
Distinctive image from Dall.e, Chart from TradingView.com
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