Why Bitcoin Crashed?
#Bitcoin dips after reaching new ATH, open interest drops heavily across major cryptos
Open interest for BTC$BTC $ETH , and $SOL dropped significantly after today's all-time high for Bitcoin. This suggests a potential shakeout of:
- Longs anticipating further price increases who closed positions before the retracement.
- Longs targeting $70K who faced liquidations as prices dipped.
- Shorts expecting the ATH to be missed who were squeezed as prices surged.**
Further analysis reveals similar drops across other assets, potentially indicating a broader market correction.
