Bitcoin Price Corrects, Market Sentiment Mixed Amidst Outflow and Open Interest Trends

📆 26/11/2024 9:47 p. m.
📰 CryptoAmb

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Bitcoin,Market Sentiment,Open Interest

Bitcoin's price correction from its peak to $93,602, with retail traders not significantly influencing the surge, and a notable outflow from exchanges, hint at long-term holding intentions rather than selling pressure.

Exchange inflows and Open Interest revealed insights into market sentiment.to an all-time high of $99,645 last week, the asset has now entered a correction phase.

According to the analyst, the Korea Premium Index, which reflects retail participation, remained below -0.5 at the time of writing. Thus, retail activity has not been a major driver of the recent price surge.Historically, the Korea Premium Index has often shown significant spikes before Bitcoin reaches a price peak. Woominkyu emphasized the importance of monitoring this indicator closely to identify potential price tops.

Although this figure has since declined to around 31,000 BTC at press time, the number was still noteworthy, especially considering the day is just starting.

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