Bitcoin Open Interest Holds Strong as Traders Bet on a Recovery

[tradelikepro]

Bitcoin’s recent pullback toward the low-$70,000 range hasn’t shaken leveraged traders as much as many expected. Despite ongoing selling pressure, aggregated open interest across exchanges has remained relatively stable, suggesting that traders are holding onto long positions rather than closing them.

Cross-exchange funding rates also remain neutral to positive, reinforcing the idea that the market still carries a bullish bias underneath the surface. Analysts believe the current price action looks more like a prolonged consolidation phase than the beginning of a major trend reversal, especially since liquidation levels remain relatively controlled compared to previous sharp corrections.

Still, macro uncertainty continues weighing on sentiment. Investors are closely watching upcoming US inflation data, particularly the Personal Consumption Expenditures report, while spot ETF outflows continue raising concerns about weakening institutional demand. The next major move for Bitcoin may depend on whether spot buyers return strongly enough to absorb the current wave of selling pressure.

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leveraged longs refusing to close positions despite pullbacks is either strong conviction or collective emotional denial