The market has been clearly biased towards the bears recently, and I have also observed a particularly unfavorable signal. During the continuous price decline, despite the continuous liquidation events, the contract open interest did not decrease, but increased slightly.

Taking the BTC contract open interest of CME as an example, although the price fell from $66,700 to $63,000, the open interest only decreased slightly.

Considering the reduction in open interest during the liquidation event, in fact, both long and short sides increased their positions during the decline. According to experience, before the market really starts the upward trend, there is usually a process of leverage liquidation and capital accumulation at the bottom of the market.

The current market situation shows that there may be a big wave of actions aimed at reducing the current contract open interest and clearing some long positions.

Taking into account the open interest situation, K-line trend and technical indicators, I personally believe that in the absence of sudden positive factors, bulls may face greater pressure.

We continue to pay attention to the downward support area between $60,000 and $62,000, and it is expected that the daily chart may be temporarily supported in this range.

As for whether the market will rebound from $60,000-62,000 in the future, it still needs to be judged based on the real-time closing situation.

Overall, Lao Liu believes that it is unlikely to see a new upward trend in the near future. Although there is a continuous bottom divergence and wedge pattern on the 4-hour chart, if the upper edge of the wedge is broken, there may be a short-term rebound, but this is only a temporary rebound. #美国PCE数据将公布 #币安合约锦标赛 #MegadropLista $BTC