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Analyst: Bitcoin derivatives leverage has not been cleared yet, and the rebound may face selling pressure.
Now, prices are falling, funding is positive, and OI is rising instead of falling. All three point to the same behavior: longs are adding positions while losing money, with new leverage continuously entering the market.
The market treats $60k as a buying point, indicating that the group judges "this is the bottom" and expresses this judgment with leverage. The problem is that this combination of high OI, positive funding rate, and weakening prices is inherently fragile. These longs that refuse to admit defeat are likely to become fuel for forced liquidations later.
Therefore, the signal from the derivatives side is that leverage has not been cleared yet. What we really want to see is another washout similar to February. Otherwise, any rebound will likely be sold into.