Quote from: Relonage on January 22, 2024, 02:39:34 AM

According to data from the Coinglass platform, the current open positions in Bitcoin futures contracts have reached $17.582 billion. CME holds the largest share at $4.769 billion, followed by Binance at $4.151 billion, and Bybit at $3.199 billion. The substantial open interest across these platforms suggests significant market activity. So will Bitcoin rebound this week?

My candid advice for you is to disregard most of these fundamental data, they will only confuse you. Enough of these were happening before and nothing happened to the market substantially, so why will they cause any rebound now?

What is causing the Bitcoin fall is deeper than this and if it doesn't prove it has found solid support at some strong levels, I do not think that Bitcoin will rebound soon. I will now advise you to be reading your larger time frame charts, let them be your friend because that's where you can only find the truth on what Bitcoin will do now, and not read too many news and headlines that might cause confusion. Even if they would help Bitcoin to rebound, you will still pick it on your trading charts if you know how to read them well.

It is all bearish for the market for now and for Bitcoin to have broken $40,243, it might reach $37,519 so speedily (https://bitcointalk.org/index.php?topic=5482334.msg63530292#msg63530292). Besides, look at the chart, it is extremely bearish, and this is not even the time to think of any bullish attempt. Just be patient my friend, we will first see this bearish effect subsiding before we can have any hope in Bitcoin bullishness for now.