Bitcoin’s Open Interest fell by 1 billion USD, showing a considerable position unwinding by traders. This indicates reduced leverage and selling pressure in the market.
The price of Bitcoin recently retreated to 109,162 USD from a peak of 110,000 USD. Analyst Axel Adler predicts a potential further decline to 106,000 USD under prevailing market conditions.
Current market signals, including a negative Taker Buy Sell Ratio and increased inflows, suggest heightened selling activity, raising concerns about price stability. Key support levels at 107,000 USD and 106,000 USD will be crucial.
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