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$BTC - On-Chain Alert 🚨
The price is moving higher while open interest is declining, which suggests the rally is being driven more by short covering than by aggressive new long positioning.
At the same time, funding rates are also moving lower, which creates a mixed picture. Shorts are getting squeezed, but some new longs are also starting to enter, betting on a continuation to the upside.
This aligns with what I highlighted in the liquidation heatmap above: liquidity is building on both sides of the market.
Because of this, I believe the most likely short-term outcome remains further consolidation, with both longs and shorts getting flushed before the market makes a larger directional move out of this range.