Recently, the Bitcoin market has clearly shown a short-term advantage. Despite the continuous decline in prices and the continuous liquidation of Duodan, the contract open interest has not shown the expected decline, but has increased.

The following chart shows the open interest of Bitcoin (BTC) contracts on CME. From the chart, we can see that the open interest has dropped slightly during the price drop from $66,700 to $63,000. However, considering the reduction in open interest caused by the liquidation, in fact, both long and short sides are increasing their chips during the decline.

Based on past experience, the market usually goes through a round of leverage cleanup and re-accumulation of chips in the bottom area before it really starts. At present, it seems that the market may still need to go through a larger round of adjustments, the purpose of which is to reduce the current contract open interest and thus break the balance of the market. Combining the changes in open interest, the trend of the candlestick chart and the analysis of technical indicators, I think the bulls face greater risks in the absence of major positive news. #BTC☀ #CryptoTradingGuide #WIF.智能策略库🥇🥇