Bitcoin market analysis

First of all, the open interest remains stable, and the trend of large funds going long still exists. The long-short ratio is at the 0.5 level, indicating that retail investors have a strong short-selling sentiment in the short term, and they need to be wary of the rapid price insertion market. It is worth noting that about 1.8 billion short orders have been liquidated at the price of 120,000, and the liquidation of long orders at the price of 98,000 is as high as 11.2 billion.

Secondly, Bitcoin recovered its 15-day decline in just 4 days, showing the strength of the bulls. However, the current price is close to the previous high of 110,000, and the chase risk is large, and the profit and loss ratio is not ideal. It is advisable to focus on the performance of the resistance level of the previous high white trend line.

Finally, investors should pay attention to the possible false breakout pullback after the previous high of 110600, while the lower 106800 constitutes a strong support level. The market is highly volatile, so it is recommended to operate cautiously and manage risks.