$BTC First time this bear market that price and OI have diverged on an intermediate timeframe.

Six weeks of price climbing. Six weeks of OI declining.

What that tells you is that this rally wasn't built on new buyers entering. A big part of it was shorts closing their positions.

Traders who shorted the top saw $60K and decided that was good enough. They locked profit. They exited. That exit pressure pushed price up.

But it's not the same as fresh demand sufficient for a reversal.

In a rally with real strength behind it, OI rises. Shorts close and longs open to replace them. New capital enters = foundation behind the movement.

None of that has happened yet in this range. One-sided the entire way up.

The problem is short covering has a ceiling. Once the last short has closed, that source of upward pressure is gone with no one to take over.

Trade here 👇

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