There is a Possibility of a Price Drop in Bitcoin with $2.2 Billion: Analysts Announced!

With the price increase in Bitcoin, the open interest rate exceeded billion dollars in three days. 

While the Bitcoin price has shown a strong upward performance in recent days, the amount of increase in open positions has created anxiety. Cryptocurrency analysis Daan Crypto Trades touched on the increase in open positions in Bitcoin in his post on Twitter on June 5.

The analyst made the following statements in his statement:

There has been an increase of +2.2 billion dollars in open positions in Bitcoin in the last 3 days, which corresponds to approximately 12% of total open positions. During this period, the price increased by 5.5%. It definitely looks like additional positions are being taken as the price rises. There is a high probability of volatility.

On the other hand, Kelly Kellam, director of BitLab Academy, stated that the sudden increase in open positions and positive funding rates indicates a sudden counter-trend movement in the Bitcoin price.

Kellam said that the increase in leveraged positions while Bitcoin's rise continues indicates a minor correction. ,

According to CoinGlass data, the open position in Bitcoin is at the level of 38.05 billion dollars.

According to CoinGecko data, Bitcoin, which has increased by 0.2% in the last 24-hour period, is traded at $ 71,034 at the time of writing.

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