Prediction evidence

Ma

That Martini Guy ₿

@MartiniGuyYT

Bitcoin open interest is telling a very different story to what most people are seeing on the chart. Since the long liquidation event we highlighted yesterday, open interest has continued rising while price has gone nowhere. In fact, price has actually drifted lower. That's bearish divergence. We saw some short profit taking a few hours ago, but since then open interest and price have both been falling. That points towards longs closing positions. Either taking losses. Or taking profit. The result is the same. Longs are leaving. The bigger problem is that a lot of those longs were opened last week without meaningful spot buying behind them. If Bitcoin keeps chopping around here, those positions come under pressure. And when futures longs start getting uncomfortable, they don't usually hold all the way down. They close. That's why I'm still only interested in one side of this market right now. For me, nothing has changed. Until we see a move backed by both spot buying and futures buying, the momentum still points in one direction.