According to Odaily Odaily, BTC price rebounded to $90,500 after testing the $89,200 support level, which coincides with the 50-day moving average. Jake Ostrovskis, head of OTC trading at Wintermute, stated that the market's failure to break the key $95,000 level led to two-way trading, with outflows from ETFs dominating the past two trading days.
Furthermore, derivatives positioning indicates that market leverage is increasing. The total open interest in BTC futures and options has climbed to nearly 700,000 BTC, a three-week high, and has increased by approximately 75,000 BTC since the beginning of the year. Meanwhile, the perpetual futures funding rate remains positive at around 0.09%, suggesting that long positions are paying short positions to maintain exposure, and traders may be using leverage to buy on dips, which increases the risk of long liquidation. (CoinDesk)
