#BTCUSDT  #BTC☀️  #bitcoin☀️  #Bitcoin❗️  #BTC☀

1. Net Positions

-Long: 23,866

-Short: 24,839

-There was a net decrease in long positions (-973), meaning traders were reducing their buy positions.

-A minor increase in short positions (+1,517) suggests traders were adding to their sell positions.

2. Market Sentiment:

- The net change in positions was -620, indicating a drop in overall market sentiment for long positions.

- The percentage change shows a significant shift of -175.64%, reflecting a bearish trend.

- The % Open Interest (OI) Long stands at 77%, while % OI Short is 80.10%.

The larger short interest suggests that traders were becoming more pessimistic, expecting prices to drop.

3. Open Interest:

The total open interest increased to 30,995 contracts, which signals an overall increase in market participation but with a clear short bias.

Conclusion:

The data for 17th September 2024 suggests a bearish market sentiment as traders reduced long positions (buy) and increased short positions (sell), short buildup and long unwinding. The negative net change and percentage change highlight that traders were expecting further downside in the Bitcoin market.

Technically on the chart BTC is in extreme pullback on bearish structure. it would nuke anytime.

Stay tuned for future updates to monitor shifts in market sentiment.

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Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Investment decisions should be based on individual research.