BlockBeats News, July 25th, CryptoQuant analyst Axel posted on social media that currently, the Futures Net Position has plummeted into deep negative territory, breaking through the $100 million mark (setting a new high bearish pressure level since early July).
Nevertheless, the Bitcoin price is still holding around $115,000, indicating that buyers are partially absorbing the selling pressure. Such an extreme negative open interest deviation may become a catalyst for a short squeeze when the price continues to rebound, but as long as the open interest remains in the maximum bearish pressure zone, the risk of further decline still exists.
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