Bitcoin bears gain ground! – Can $115K hold, or will BTC drop to…
Main Idea
Bitcoin is experiencing bearish pressure with potential for a short squeeze, but risks of further decline remain as market sentiment worsens.
Key Points
1. Bitcoin's Futures Net Position has dropped into negative territory, with Open Interest reaching a new all-time high of $44.68 billion.
2. Exchange Netflow declined to a monthly low of -16.9k BTC, indicating accumulation, but bearish pressure in Futures remains high.
3. A short squeeze could occur if Bitcoin rebounds, potentially pushing prices back up to $117k, but panic selling may drive prices toward $110k.
4. The recent 6% pullback in Bitcoin is within its typical volatility range, suggesting the market could stabilize and rebound.
5. Analysts note that while extreme negative Open Interest divergence could catalyze a short squeeze, the risk of further decline persists if bearish pressure continues.
Description
Bitcoin's bearish pressure hits a 3 week high amid increased demand for short positions.
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