$BTC Bad news: this is not the bottom yet.
That's the word from CryptoQuant based on their assessment of the bounce back from $60,000, which is driven by short positions being closed, rather than actual new demand.
Open interest is shrinking while the price is climbing. There’s no new demand from investors using leverage. Almost every coin sold is being offloaded at a loss. These are forced sales.
The market is just ‘squeezing’ traders' positions.
Analysts also note that a dip below $55,000 could trigger capitulation among miners.
That's the word from CryptoQuant based on their assessment of the bounce back from $60,000, which is driven by short positions being closed, rather than actual new demand.
Open interest is shrinking while the price is climbing. There’s no new demand from investors using leverage. Almost every coin sold is being offloaded at a loss. These are forced sales.
The market is just ‘squeezing’ traders' positions.
Analysts also note that a dip below $55,000 could trigger capitulation among miners.