Analysis: Traders added long positions after Bitcoin broke through its previous high, and the current pullback helps to clean up leverage

ChainCatcher message, Glassnode published data on social media stating that as Bitcoin breaks through previous highs, traders are increasing long positions, leading to a sharp rise in BTC futures open interest.

The current pullback is testing the resilience of these long positions, which helps reset market leverage. Moving forward, two signals need to be closely monitored: when and where buying power intervenes, and whether key support levels can reignite market demand.