Analysis: BTC open interest hits an all-time high while prices continue to decline, the market consensus is that bulls are being gradually liquidated

Greeks.live Chinese community briefing points out: The market is in a state of extreme panic, with group members generally bearish, believing they are experiencing a spiral of suffocation. Key focus levels: BTC 86800-85000 USD, ETH 3000-2000 USD. Most traders believe that a large-scale liquidation is needed to stop the decline, and some members expect a rebound after Thanksgiving, but there is a disagreement on the bottom position, with some seeing 76000 USD or even 50000 USD.

BTC open interest has reached an all-time high while prices continue to fall, with a long-short ratio of 4:1. The market consensus is that the bulls are being gradually liquidated. The briefing also notes that analysts, including the CEO of CryptoQuant, believe that the deleveraging cycle is nearing its end, but traders in the group generally do not trust the calls and emphasize the need to act according to strategy. Greeks.live believes that the safest option currently is to hold cash as king in USDT and wait for opportunities.