- Bitcoin, like an overmixed borscht, clings above its $98,300 crust—but the chefs in leverage are looking nervously at their stew ⚖️
- Oversold? Yes. Relief bounce? Maybe. Slip under $98K, and you’ll hear the market weeping in Petersburg’s alleys.
Picture, if you will, Bitcoin’s latest waltz—less an elegant ballroom affair, more a peasant’s stumble home during a sleet storm. Somewhere above the legendary $98,300 line, where short-term dreamers toast unrealized riches, cryptocurrency teeters. Drunks at the tavern nod approvingly. Yet in shadowed corners, a gloom is brewing—deeper than any samovar in Gogol’s own kitchen.
The open interest delta over 180 days has dipped lower than the hat of a minor civil servant, suggesting leveraged traders are fleeing faster than government clerks at the sight of paperwork. The apparatchiks grow restless, closing more trades than they open, the ledger’s ink now unmistakably red.
And now, as the peasants cry “Oversold!”—is this exhaustion a sign of nearing salvation, or simply the prelude before some greater blizzard buries what’s left of our hopes and cabbages?
Key support: Hanging by a thread (of someone else’s coat)
While Bitcoin peers down at the chasm below, it still clings to the fabled $98,300 ledge—the dividing line between those who feast on promises and those who gnaw old boots for sustenance. Above this line, we witness a certain optimism, draped in the lace curtain of “market structure remains bullish.” Low volatility reigns; the tea isn’t spilled—at least, not yet.
The STH-MVRV ratio smirks above 1, meaning even the short-term holders can still afford to dream, provided they don’t wake up abruptly. But slip below $98K and, as with an overdue tax notice, expect crying, rending of garments, and maybe a dramatic faint in the marketplace.
Leveraged traders: A dignified retreat (with much sighing)
Above support, Bitcoin stands tall—like the mayor’s nephew at a village dance—yet bit by bit, the 180-day aggregated OI delta stumbles into negativity. Leverage fans pack up their sacks and trudge for home, closing out positions with the delicate panic of superstitious townsfolk spotting a stray nose on the street.
Bitget and CME report a tragic $11.3 billion exit in Open Interest—enough to buy all the pierogi in Kiev, twice. History tells us this sometimes leads to grand feasts (think 2021, 2023); sometimes it’s famine (recall the haunted year, 2022). Meanwhile, Gate.io pipes up with fresh inflows, as if to say, “Don’t worry, comrades, the soup is only half-burnt!”
If the OI delta doesn’t stop sulking, expect further downside—like our protagonist searching for a lost soul in the fog, only to find an empty barrel of kvass.
Oversold, in the manner of forgotten overcoats
Despite the mounting exodus of traders and the general whiff of caution, the buy/sell pressure delta chart now reads: OVERSOLD. This is the sort of oversold last seen on rainy evenings when no one remembers to light the lamps.
Previous excursions into oversold territory have signaled bottoms (local, not infernal), or at least brief respites—a day when the clouds part and the sun reveals just how dusty the samovar really was.
Hold above $98K, and the crowd may toast a short-term bounce—vodka optional. Fall below, and oversold turns, as in all Russian cities, into merely “sold out.” Either way, the mood is clear: prepare your overcoat, and keep a handkerchief handy for market tears. 🪗💸
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2025-06-18 20:17