Here’s What I See On
$BTW
Look at the Open Interest chart. The last time
$BTW made that big move and dropped from around $1.37 to $0.75, OI also dropped as positions were cleared out. But now OI has started building again. It’s currently around $155.3M, up 16.69% in 24 hours.
Another interesting part is the positioning. Around 60–61% of traders are short, while only around 39–40% are long on the short-term timeframes.
Funding is also positive, with Binance around +0.0335% and Bybit around +0.1061%.
This is where the market psychology gets interesting. After seeing the previous huge move, many traders are expecting
$BTW to dump again, so they are opening shorts.
But because so many traders are already short, I think
$BTW could first move higher and put these crowded shorts under pressure. Short closures or liquidations could create additional buying pressure and push the price higher.
So in my view, before we see any bigger correction,
$BTW could potentially squeeze some of these shorts first and make another strong move higher.
NFA. DYOR.