Leverage Compression Amid Oversold Structure
$BTC spiked 1.09% to $59,365 in 15 minutes. It was long squeezes inside elevated open interest, not new buyers stepping in. Daily RSI at 33.8 shows oversold conditions, but shorter timeframes look neutral, so this volatility feels more like distribution pressure. Open interest sits at $89.9B with a 2.3 long/short liquidation skew, meaning crowded longs are getting out rather than new buyers coming in.
$BTC spiked 1.09% to $59,365 in 15 minutes. It was long squeezes inside elevated open interest, not new buyers stepping in. Daily RSI at 33.8 shows oversold conditions, but shorter timeframes look neutral, so this volatility feels more like distribution pressure. Open interest sits at $89.9B with a 2.3 long/short liquidation skew, meaning crowded longs are getting out rather than new buyers coming in.