Odaily Planet Daily News BTC price rebounded to $90,500 after testing the $89,200 support level, which aligns with the 50-day moving average. Jake Ostrovskis, head of OTC trading at Wintermute, stated that the market failed to break through the key $95,000 level, leading to two-way trading, with the past two trading days primarily dominated by ETF outflows.
Additionally, derivatives positions show market leverage is growing. Total open interest in BTC futures and options has surged to nearly 700,000 BTC, hitting a three-week high, with an increase of approximately 75,000 BTC since the beginning of the year. Meanwhile, perpetual futures funding rates remain positive at around 0.09%, indicating that long positions are paying fees to short positions to maintain exposure. Traders may be using leverage to buy on dips, which increases the risk of long liquidations. (CoinDesk)