"Bitcoin gained around 1.5% today, reclaiming the $109,000 level after four consecutive days of decline. The modest rebound comes as traders attempt to stabilize positions following a period of heavy selling and volatility. Despite this slight recovery, market confidence remains fragile as Bitcoin continues to face crosscurrents from both macroeconomic and internal market dynamics. Bitcoin's latest rebound appears more like a corrective move within a broader downtrend, as weak long build up, elevated volatility, and ongoing futures liquidations highlight traders' caution."
"Futures market data underscores this caution. According to CoinGlass, nearly $1 billion worth of long positions were liquidated yesterday alone, with Bitcoin accounting for $377 million. Since Monday, total liquidations have approached $2 billion. Futures traders appear to be rebuilding exposure very slowly after the historic deleveraging event that took place 20 days ago. The total open interest in crypto futures remains around $160 billion, down more than 30% from the record $233 billion,"
Bitcoin recovered about 1.5% to reclaim $109,000 after four days of declines, but the move appears corrective within a broader downtrend. Futures liquidations remain heavy, with nearly $1 billion liquidated yesterday and Bitcoin responsible for $377 million, lifting total recent liquidations to roughly $2 billion. Total open interest in crypto futures sits near $160 billion, down more than 30% from the record $233 billion. Spot indicators show de-accumulation and on-balance volume at the lowest levels since April. Bitcoin spot ETFs have seen roughly $1 billion in net outflows since Wednesday. Macro risks and weak equity sentiment constrain risk appetite and limit recovery prospects.
Read at London Business News | Londonlovesbusiness.com
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