A large part of the move was undoubtedly driven by pressure from short positions (shorts).
Since that initial peak on Friday, the actual accumulation has been relatively stable and spot trading volumes have been relatively high.
Open interest has continued to decline, and it doesn’t seem that there is much interest from anyone willing to push the price up at this level.
If we continue to see immediate inflows (ETF spot inflows) and the price stays in the same range, this will be a signal worth following in the coming days.
The shorts have been squeezed, so you need a strong immediate spot bid to keep the party going. There was buying support, but the price also needs to keep following up, otherwise momentum will stall.
Since that initial peak on Friday, the actual accumulation has been relatively stable and spot trading volumes have been relatively high.
Open interest has continued to decline, and it doesn’t seem that there is much interest from anyone willing to push the price up at this level.
If we continue to see immediate inflows (ETF spot inflows) and the price stays in the same range, this will be a signal worth following in the coming days.
The shorts have been squeezed, so you need a strong immediate spot bid to keep the party going. There was buying support, but the price also needs to keep following up, otherwise momentum will stall.
