ShayanMarkets
BTC may start a bullish rally again soon!
When the price peaks, the RSI of Open Interest often hits the overbought zone. Following that, the price begins a corrective phase that is comparable to the open interest phase. We've had an overheated futures market with high-leverage positions, as shown on the chart. BTC, on the other hand, hit a new high of about $69K. After then, the price had a shakeout, and the futures market began to cool. As a result, during the shakeout, several long positions were liquidated. We're currently at comparable levels to when the BTC price began a rally from $40K in late September. Negative derivatives Netflow and the open interest's RSI both point to a possible future market rebound. As a result, the corrective phase may be nearing its end, and we may soon see another bullish surge as the futures market's sentiment recovers.