The selling in Bitcoin and altcoin is not over yet, but data suggests that the nature of the CME Bitcoin and equities futures market open on Sunday will determine the direction BTC price takes.
Key points:
A sharp reduction in aggregate open interest highlights the severity of the $20 billion in leveraged liquidations and highlights traders’ reluctance to re-enter the market.
Bitcoin selling and price weakness are likely to extend until CME BTC and equities futures markets open on Sunday evening, US hours.
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