Up 383% in three days, nearly fivefold in seven—BTR’s price is still standing above this key moving average. But the contract leverage that can hold up this move is already running away: open interest is cut by 9.7% in a single day, dropping into the bear_capitulation quadrant. The price is still holding; the money supporting the price is withdrawing. That’s the most worth talking about right now.
What’s even more striking is that positions are all being pulled—while the longs are still paying as usual. Funding rates were sampled eight times and are all positive, now at 0.073%. A vertical surge is built from leverage. Now the fuel is leaving, and the gamblers haven’t cleared out yet—on the order book, the sell orders in the top 20 levels are also thicker than the buy orders.
The stance is one sentence: go short. During the leverage withdrawal phase after a vertical breakout, the most dangerous thing is precisely the crowded long side that’s still paying.
What signals would make me change my mind: open interest turning from decreasing to increasing, and price volume rising to once again absorb today’s 0.1778 high. That would indicate new leverage has entered and the market is ready to move into a second wave—at that point I would stop out, even potentially reverse. Before then, a pullback to 0.1479 or even lower is highly likely.
#btr $BTR
What’s even more striking is that positions are all being pulled—while the longs are still paying as usual. Funding rates were sampled eight times and are all positive, now at 0.073%. A vertical surge is built from leverage. Now the fuel is leaving, and the gamblers haven’t cleared out yet—on the order book, the sell orders in the top 20 levels are also thicker than the buy orders.
The stance is one sentence: go short. During the leverage withdrawal phase after a vertical breakout, the most dangerous thing is precisely the crowded long side that’s still paying.
What signals would make me change my mind: open interest turning from decreasing to increasing, and price volume rising to once again absorb today’s 0.1778 high. That would indicate new leverage has entered and the market is ready to move into a second wave—at that point I would stop out, even potentially reverse. Before then, a pullback to 0.1479 or even lower is highly likely.
#btr $BTR
