Odaily Planet Daily reports that BTC price rebounded to $90,500 after testing the $89,200 support level, which aligns with the 50-day moving average. Wintermute OTC trading head Jake Ostrovskis stated that the market failed to break through the key level of $95,000, leading to two-way trading, with the past two trading days mainly driven by ETF outflows.
Additionally, derivatives positions indicate that market leverage is increasing. The total open interest in BTC futures and options has risen to nearly 700,000 BTC, a three-week high, an increase of approximately 75,000 BTC since the beginning of the year. Meanwhile, the perpetual futures funding rate remains around 0.09% positive, indicating that longs are paying shorts to maintain their positions, suggesting traders may be using leverage to buy the dip, which increases the risk of long liquidations. (CoinDesk)
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