CryptoQuant Analyst: BTC Holding at High Levels Indicates Buyer Absorption of Selling Pressure, Potential Short Squeeze Could Act as Catalyst for Upside

BlockBeats News, July 25th, CryptoQuant analyst Axel posted on social media that currently, the Futures Net Position has plummeted to a deep negative value, breaking through the $100 million mark (hitting the highest bearish pressure level since early July).

Nevertheless, the Bitcoin price still holds around $115,000, indicating that buyers are partially absorbing the selling pressure. Such an extreme negative open interest divergence may become a catalyst for a short squeeze as the price continues to rebound. However, as long as the open interest remains in the maximum bearish pressure zone, the risk of further decline still exists.