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BTC Price continues to push higher while funding remains highly positive, showing that perps are still leaning long. Open interest, on the other hand, has been cooling off for quite a while now, suggesting that a decent amount of leverage has been flushed out of the market. While the market has been very volatile lately, every push higher has been supported by spot buying. That, paired with the fact that we've seen a decent reset in open interest, makes this rally look quite healthy. As long as open interest remains at these levels and spot buying continues, we could see price push even higher.
