Although Bitcoin's price had dropped, the increase in long positions suggests that some traders believe a price recovery is possible. Open interest, which measures the total number of outstanding contracts, also hit a four-week high.
We have seen Bitcoin reach its highest level this year, some investors and traders must be waiting for a dip to buy, and it is happening now. Anyone ready with their funds will not miss the current Bitcoin price drop. There will always be investor confidence that Bitcoin will return and surpass the ATH it has ever achieved, but it may not happen quickly. We see how Bitcoin moves quietly for a long period of time after breaking through the ATH. There is speculation that the next movement will be a high pump or vice versa there will be a price drop. Most investors are already preparing for this to happen.