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Retailers realizing BTC at a loss
Short-term holders are mostly starting to spend their coins at a possible loss, as Bitcoin's price recently broke through the $90,000 range. In addition, the Open Interest variation hit a 6-month low, indicating fear in the market. The expectation is that the market will continue in the process of liquidating excess leverage, possibly intensifying sentiment towards Extreme Fear, which will lead to the Open Interest suffering further bearish variations. This means more pressure on Long positions with less leverage, as the liquidation price of these positions is further away. Many Long positions have been liquidated in the last week since the breakout of the main short-term Support of the Bitcoin price, around $1,5 billion have been liquidated so far. Therefore, the market is in a correction phase, as indicators signal extreme fear and investors start selling at a loss, creating a potential market bottom scenario.