Open interest surged 2.5x in a day (+153%), while the price rose 56% in 24 hours—BMT is rallying so aggressively, yet the MACD is still showing strong bearish momentum, MFI is 33.3, and the trading volume is even less than half its moving average. Leverage is going crazy, but spot won’t acknowledge it.
Funding rate -0.31%, and the shorts are pressing down on the long side. The price fell from the 0.0278 high back to 0.0243, down 13%; the 4h performance has turned negative. This wave of open interest is the main force pushing the price, but the direction depends on borrowed leverage.
The ones pushing it are also withdrawing: large long accounts shrank 12.9% over 7 hours, and long positions fell in sync by 7.7%. Spot saw a net outflow of 12.9 million over 3 hours—no buyers came in.
Short. First target 0.02 (15m 20 EMA), stop loss at 0.028. The upside built by stacked leverage will be unwound, and once the leverage comes off, the market will fill back.
Reversal conditions: spot volume expands with net inflow, funding rate turns positive, and price holds above 0.0278 on increased volume—only when all three line up do you flip the position. #bmt $BMT
Funding rate -0.31%, and the shorts are pressing down on the long side. The price fell from the 0.0278 high back to 0.0243, down 13%; the 4h performance has turned negative. This wave of open interest is the main force pushing the price, but the direction depends on borrowed leverage.
The ones pushing it are also withdrawing: large long accounts shrank 12.9% over 7 hours, and long positions fell in sync by 7.7%. Spot saw a net outflow of 12.9 million over 3 hours—no buyers came in.
Short. First target 0.02 (15m 20 EMA), stop loss at 0.028. The upside built by stacked leverage will be unwound, and once the leverage comes off, the market will fill back.
Reversal conditions: spot volume expands with net inflow, funding rate turns positive, and price holds above 0.0278 on increased volume—only when all three line up do you flip the position. #bmt $BMT
