$BTC's current contract open interest has returned to its peak of $43.997 billion, with most of the growth caused by the US election. From 8 AM to 4 PM, the contract open interest climbed by $3.997 billion, most of which are long positions.
In a high leverage and high liquidity market, the confirmation of Trump's election means that positive news has turned into negative for me. My subjective view is that there will definitely be a washout for those who chased the high at 74000. Below 74000, there are all long positions, and the liquidating price for the short positions has already risen to 76000.
Therefore, I believe that a pullback in the current market before rising is a normal market behavior. I have opened a short position on $BTC against the trend to see if it can drop below the price of 73000. If it doesn't drop, I will take profit in time!
