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Crypto

Bitcoin Longs Face Liquidation as Price Hits New August Lows

Guavy AI Editorial Team
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BTC BNB
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Bitcoin's price action is heading towards new August lows, and long positions are facing liquidation. According to CryptoQuant data, Bitcoin open interest on Binance has increased, reaching $8.15 billion on Wednesday.

The correlation between Binance open interest and price reached 0.25 on Thursday as both fell. This indicates that leveraged long positions are being flushed out.

CryptoQuant CEO Ki Young Ju stated that the stars haven't aligned for a Bitcoin bull market, citing bearish onchain indicators. He emphasized that conditions for a renewed Bitcoin bull market have yet to emerge.

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