CandleFocus Analytics Firm Detects Sharp Decline in One of the Metrics Driving Bitcoin Price – Here’s What It Means
2024-09-26
Author: Content Editor
Crypto analytics firm, Alphractal, has released a report on the resistance in Bitcoin's open interest, which has reached $38 billion on major exchanges. The report highlights that there has been a significant increase in open interest recently. However, in the last 24 hours, many investors have closed their positions, causing a significant shift. This decline in open interest has historically been associated with price declines. The report emphasizes the importance of closely monitoring derivatives market metrics. The analysis also shows that while Bitcoin's price is trading at current levels, many investors are choosing to exit their positions, resulting in around $80 million worth of liquidations affecting mainly short positions.
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