CryptoQuant Analyst: BTC Open Interest Turns Negative, Bearish Pressure Reaches New Monthly High

ChainCatcher news, CryptoQuant analyst Axel stated that the net position of Bitcoin futures (OI Net Position) has plummeted into a deep negative territory, falling below the $100 million mark, creating the highest bearish pressure level since early July.

Despite the market facing bearish pressure, the price of Bitcoin remains around $115,000, indicating that some buying is absorbing the selling pressure. Axel mentioned that such an extreme negative position divergence could trigger a short squeeze during a price rebound; however, with open interest maintaining the current high-pressure range, there is still a risk of further price decline.