$BTC now around 85,400, having retraced about two thousand dollars from the prior high of 87,385. From the data, open interest has fallen steadily from $19.2B to $17.2B, a drop of more than 10%

So what does this indicate? Leveraged long positions are being forced to liquidate—especially the earlier profitable positions that are locking in gains

More importantly are the big players’ moves. Looking at the long/short ratio by their position size, it has dropped from 2.32 to 1.90. The large holders are quietly reducing exposure or even flipping to short. In contrast, retail investors’ long/short ratio has been hovering around 1.0, which suggests they’ve gone “flat”—they don’t dare chase longs and they also don’t want to short excessively

Technically, the 1-hour RSI has crashed to 23, extremely oversold. A small rebound could happen at any time in the short term. But don’t get too excited yet—the daily RSI is still up at 75, implying that the larger-cycle correction may not be over

In this kind of leveraged “washout” market, it often takes several days to digest the selling. Once it stops falling and we see a low-volume sideways consolidation, then consider slowly picking up some spot

Where do you think this pullback will go?

$BTC #BTC走势分析