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Bitcoin has been hovering around $73,000 lately, but there are some strange signals showing up. Open interest continues to increase. Usually, this pattern appears before the market decides on a direction.
In the past 24 hours, it has slightly decreased but hasn't dropped significantly. What's more noteworthy is that the positioning is leaning toward the bearish side. In other words, big players are maintaining a cautious stance. The simultaneous increase in open interest and bearish positioning signals that the market hasn't yet determined a clear direction.
From my personal perspective, in this kind of situation, it's better to wait and watch rather than force a position. When open interest is this high, sudden volatility can occur in either direction. I think now is a cautious time to adjust your positioning.