Bitcoin Market Heat: Open Interest and Liquidation Surge!
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Bitcoin’s Open Interest has surged to $15.17 billion, reflecting a bustling market, while the price holds strong at $62,840. The funding rate has significantly increased to 0.01030 from 0.0026 just a day earlier, indicating increased leverage and cost of holding positions. Currently, the market is witnessing a substantial shakeout with $98.67 million in short liquidations versus $8.17 million in longs, suggesting that shorts are feeling the pressure as Bitcoin maintains its upward trajectory. As the tailwind supports the bullish rise, this week could witness a massive upside move.
