BTC pulled back from 58288 to around 60500 last night, rebounding nearly 4 points. But if you check the contract open interest, it was declining during the rebound.


Price up, position down. This is not longs adding positions, but shorts closing. Shorts taking profits pushed the price up, not new money coming in to buy. Two completely different natures.
This difference is too important. A rally driven by shorts taking profits is not sustainable, because once shorts finish closing, there are no more buy orders. A rally driven by new money coming in is sustainable, because new money stays once it enters. Now the situation is that shorts have finished closing, longs haven't followed, and the price is hovering around 60200, not going up or down.

#美光市值超越Meta跻身全美前十
BTC0.78%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pinned