Good morning, friends! ☕️
It looks like a really strong move is brewing in the Bitcoin market.
☝️Open interest hasn’t been this high since before the powerful rally in August!
Throughout the entire decline, market participants have gradually been building leveraged positions. Their volume has now reached levels we see extremely rarely.
The last time we saw similar levels before the August surge was back in May 2023.
At the same time, market sentiment is terrible. Almost everyone is expecting new lows.
But looking at the nature of the current correction, the highs still left above, and the huge cluster of short liquidations, I’m inclined to think that the next strong move will be upward.
❗️And it could well be as fast as that August rally!
I wouldn’t rule out Binance continuing to apply pressure for a while longer. But these manipulations can’t go on forever.
I think we’ll find out very soon just how accurate this scenario is.
Let’s keep watching, friends! 🤝
It looks like a really strong move is brewing in the Bitcoin market.
☝️Open interest hasn’t been this high since before the powerful rally in August!
Throughout the entire decline, market participants have gradually been building leveraged positions. Their volume has now reached levels we see extremely rarely.
The last time we saw similar levels before the August surge was back in May 2023.
At the same time, market sentiment is terrible. Almost everyone is expecting new lows.
But looking at the nature of the current correction, the highs still left above, and the huge cluster of short liquidations, I’m inclined to think that the next strong move will be upward.
❗️And it could well be as fast as that August rally!
I wouldn’t rule out Binance continuing to apply pressure for a while longer. But these manipulations can’t go on forever.
I think we’ll find out very soon just how accurate this scenario is.
Let’s keep watching, friends! 🤝
