Glassnode: Traders are adding long orders after Bitcoin breaks above its previous high, and the current pullback helps to wash out leverage.

On October 7th, Glassnode released data on social media stating that as Bitcoin breaks through previous highs, traders are increasing their long orders, leading to a sharp rise in BTC futures open interest. The current pullback is testing the resilience of these long positions, which helps in resetting the market leverage. Moving forward, two signals need to be closely followed: when and where the buying power intervenes, and whether the key support level can reignite market demand.