Bitcoin (BTC) is heading toward its August lows as leveraged long positions on Binance face mounting pressure. CryptoQuant analysis reveals that the correlation between BTC price and Binance open interest reached 0.25, indicating that long positions are declining as prices fall. Cross-crypto 24-hour liquidations reached $236 million according to CoinGlass. CryptoQuant CEO Ki Young Ju stated that conditions for a renewed Bitcoin bull market have yet to emerge, with several on-chain indicators still in bearish territory.
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