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

ChainCatcher news, Glassnode has released data on social media stating that as Bitcoin breaks through previous highs, traders are increasing their 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 to 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.