$BTC The quality of this rebound still isn’t as strong as the price action looks.
The price bounced from $62,700 to around $64,180, but the open interest during the same period fell from about $2.064B to $1.996B, down 3.3%.
The funding rate is currently only +0.0028%, and the market hasn’t shown any clear long crowding.
With price rising and OI falling, this looks more like short covering and deleveraging. Whether new longs will step in as the next leg remains to be confirmed.
Current plan:
Entry level: $64,180
Target levels: $64,800, $65,300
Invalidation level: $63,300
If price breaks above $64,180 while OI starts increasing, the rebound may have a chance to upgrade into a trend repair. Until then, don’t chase the price higher.
The price bounced from $62,700 to around $64,180, but the open interest during the same period fell from about $2.064B to $1.996B, down 3.3%.
The funding rate is currently only +0.0028%, and the market hasn’t shown any clear long crowding.
With price rising and OI falling, this looks more like short covering and deleveraging. Whether new longs will step in as the next leg remains to be confirmed.
Current plan:
Entry level: $64,180
Target levels: $64,800, $65,300
Invalidation level: $63,300
If price breaks above $64,180 while OI starts increasing, the rebound may have a chance to upgrade into a trend repair. Until then, don’t chase the price higher.
