Bitcoin’s sharp sell-off to $115,877 from its all-time high of $124,474 led to increased long liquidations. However, traders are buying the dip near critical liquidity zones, countering selling pressure.
Demand from institutional investors for Bitcoin remains robust, helping to absorb selling pressure from large ETH unstaking events. This support underlines buyers’ confidence despite recent market corrections.
The recent surge in Bitcoin’s open interest during the sell-off may provide a strong support base for future price recovery, as both long and short positions are prevalent at those levels.
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