Yesterday's wave of correction brought the total open interest of BTC futures from a previous high of 64 billion dollars directly down to 59.2 billion, effectively clearing a total of 4.8 billion dollars in open positions;
This extent, compared to the past six months, is basically the level of correction achieved, but considering the current increased base, I believe there is still some room for total open interest to decline;
Two possibilities:
1. If the price maintains a rebound and then corrects again, and does so more violently, it could directly push the total open interest back to the level of 55 billion dollars at the price range of 87,000 to 88,000, confirming the start of a range-bound market;
2. The price plays a game of 'up and down' within the range of 90,000 to 100,000, achieving a gradual decrease in open interest through frequent short-term surges and drops, and accumulating momentum again at the 55 billion level to attempt to test the psychological barrier of 100,000!
Regardless, as long as there has been a correction in price, there will be those who act unsteadily, selling or taking profits during the rebound. At this point, breaking through 100,000 with a relatively high open interest can be quite laborious. While it's not impossible (after all, there are generally open positions that are short), the resistance will be much larger;
The market will always move in the direction of least resistance.
