$BTC

despite Bitcoin exceeding the $103,000 level, open interest in futures continues to remain weak. The total open interest currently stands at $61.3 billion. Alphractal reminded that in the past, when BTC was at these levels, open interest was at least around $68 billion, and stated that the current outlook reveals that leveraged trading volume and market maker activity are low. This situation is evaluated as a result of liquidations and position closures in recent months.

In the short term, whales are seen closing their long positions and giving signals indicating a change in direction in the market. Alphractal stated that if the Whale Position Trend metric continues to fall, the market could either be tied sideways or enter a correction process.

*This is not investment advice.