On November 21st, BTC open interest reached an all-time high amid falling prices. The long-short ratio is at 4:1, suggesting liquidation of long positions is occurring.
Panic selling drives the overwhelmingly bearish sentiment in the market. Traders debate the necessity of large-scale liquidation to stabilize prices.
Predictions suggest possible rebounds after Thanksgiving; however, there is disagreement on bottom price levels, with estimates varying from 76,000 USD to 50,000 USD.
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