Bitcoin gained 2.6%, but Open Interest increased only 0.3%. Interestingly, around 93% of the $267 million in liquidations came from short traders.
What does this mean?
The rally was mainly driven by bearish traders being forced out of their positions, rather than a strong wave of new buyers entering the market.
However, market sentiment still looks bullish. Funding rates are positive, meaning long traders are paying short traders.
The key question: Can Bitcoin keep climbing with fresh buying pressure?
$BTC
#Bitcoin #CryptoMarket #IHAlphaInsights
What does this mean?
The rally was mainly driven by bearish traders being forced out of their positions, rather than a strong wave of new buyers entering the market.
However, market sentiment still looks bullish. Funding rates are positive, meaning long traders are paying short traders.
The key question: Can Bitcoin keep climbing with fresh buying pressure?
$BTC
#Bitcoin #CryptoMarket #IHAlphaInsights
