The Bear Market Divergence That Shows What’s Really Going On With Bitcoin

Crypto analyst Ardi has pointed to a bear market divergence to explain what has been going on with Bitcoin’s price for a while now. His analysis comes just as BTC continues to struggle to hold above $70,000 amid the U.S.-Iran war and rising oil prices. Analyst Explains What Is Happening With Bitcoin as Price Struggles In an X post, Ardi noted that this is the first time in this bear market that Bitcoin’s price and open interest have diverged on an intermediate timeframe. BTC has climbed over the last six weeks to a low of around $60,000 while its open interest has declined during the same period. He stated that this indicates the recent rally wasn’t driven by new buyers entering, but rather by a large part of it being shorts closing their positions. Related Reading: How Low Can Bitcoin Price Go? Analyst Shares Worst-Case Scenario The analyst further remarked that traders who shorted the Bitcoin top like saw the drop to $60,000 and felt it was a good position to take profits. “They lock