Bitcoin's sharp drop yesterday, accompanied by a rise in open interest (OI), appears to be a typical process of building short positions, Coinglass reported via X. The analytics firm noted that while the price is currently rebounding, OI has remained almost unchanged, suggesting the rebound is not driven by an influx of new buying pressure. Coinglass added that the current market phase seems closer to consolidation than a trend reversal.
Analyst: BTC's drop was a short build-up, current rebound is not a trend reversal
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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