TechFlow News, April 23: According to on-chain analyst Murphy (@Murphychen888), the BTC price has risen to around $79,000. The open interest (OI) in the futures market has rebounded to its recent high of 472,000 BTC, with market leverage continuing to accumulate. During yesterday’s peak period, short positions paid funding fees to long positions at an average hourly rate of $604,000—lower than the April 17 peak ($790,000) but still significantly higher than the 7-day average ($197,000). Murphy notes that elevated OI combined with widening negative basis implies that, should prices rebound, forced liquidations or margin calls among short positions would generate buying pressure and trigger a short squeeze. Historically, similar conditions led to rebounds on March 9 and April 13; currently, opening new short positions offers unattractive risk-reward ratios.
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