CryptoQuant analyst: The high level of BTC indicates that there are buyers absorbing sell pressure, and a potential short positions squeeze may become a catalyst for the rise.

BlockBeats news, on July 25, CryptoQuant analyst Axel posted on social media that currently, the futures net open interest (OI Net Position) has fallen sharply into deep negative territory, breaking the 100 million USD mark (setting the highest bearish pressure level since early July). Nevertheless, the Bitcoin price remains around 115,000 USD, indicating that buyers are partially absorbing the dumping pressure. Such an extreme negative open interest divergence could become a catalyst for short squeeze when the price continues to rebound, but as long as the open contracts remain within the maximum bearish pressure range, the risk of further decline still exists.