Just now I took another look at the market. Personally, I think there will be a wave of downside pullback in the short term. This pullback is not for anything else—it’s just to enable the market to rise again.
The purpose is to clear out high-leverage users in the market. When the “car is too heavy,” the cost to pull it up is too high. Yesterday afternoon, I opened a bit of a trade long BTC and alts. The altcoin pullback is still manageable. Most altcoins are bought by retail investors. During sell-offs, they will definitely run faster than others. $BTC has always been bought by the regular forces. If you want it to come down, you need to sell large amounts of coins.
At 79–80k, it still needs to consolidate for a while to absorb a large number of both long and short counterparty orders. Right now, the total open interest in futures contracts is 56.9 billion. Next time, at the very least, the total futures open interest needs to be cleared down to 52 billion.
The purpose is to clear out high-leverage users in the market. When the “car is too heavy,” the cost to pull it up is too high. Yesterday afternoon, I opened a bit of a trade long BTC and alts. The altcoin pullback is still manageable. Most altcoins are bought by retail investors. During sell-offs, they will definitely run faster than others. $BTC has always been bought by the regular forces. If you want it to come down, you need to sell large amounts of coins.
At 79–80k, it still needs to consolidate for a while to absorb a large number of both long and short counterparty orders. Right now, the total open interest in futures contracts is 56.9 billion. Next time, at the very least, the total futures open interest needs to be cleared down to 52 billion.
