Bitcoin’s recovery to $64K on hold? KEY metrics flash mixed signals after leverage wipeout
The post Bitcoin’s recovery to $64K on hold? KEY metrics flash mixed signals after leverage wipeout appeared on BitcoinEthereumNews.com. Following weeks of subdued derivatives activity, Bitcoin’s late-June decline triggered the first meaningful shift in market positioning. More importantly, aggressive short selling targeting this level was successful just twice, with one at $57.8K. At no point did the spot selling pressure diminish enough to prevent buyers from recovering their footing. The Open Interest had initially increased substantially over the previous week, peaking at approximately 530k BTC. Then, sharp liquidation quickly reduced most of the resulting leverage. Notably, Bitcoin prices began to recover from the low of $57.8K to a high near $64K. As a result, bearish positions closed while fresh long positions entered the market. Source: Glassnode These developments suggested growing investor confidence. Funding Rates also shifted from negative to slightly positive during the sa