Bitcoin (BTC USD) price pushed to new historic highs earlier this week, and this was accompanied by record high levels of open interest.
This meant that the king of the crypto world grew increasingly sensitive to the derivatives market, and that showed in its retracement on Tuesday.
Bitcoin price dropped from the day’s high at $124,000 to the day’s low at $121,216 on Wednesday.
In recent Bitcoin news, according To Glassnode, large traders had positioned themselves to take advantage of any potential bearish market outcome by executing short positions.
Bitcoin long/short bias
The latest surge in short positions was the highest observed in more than 2 months.
A clear sign indicative of rising bearish expectations, after Bitcoin price experienced an aggressive bullish move in the first week of October.
It was also worth noting that this retracement occurred after open interest pushed into new highs above $94 billion.
This made Bitcoin price action more susceptible to ma
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