Analysis: BTC holdings reach all-time high while price continues to fall, with market consensus that bulls are being gradually liquidated

ChainCatcher news, Greeks.live Chinese community briefing pointed out: The market is showing an extremely fearful state, with group members generally bearish, believing they are experiencing a spiral squeeze. Key levels to watch: BTC $86,800-$85,000, ETH $3,000-$2,000. Most traders believe a large-scale liquidation is needed to stop the decline. Some members expect a rebound after Thanksgiving, but there is disagreement about the bottom, with some seeing $76,000 or even $50,000.

BTC open interest has reached a historic high while the price continues to fall, and the long-short ratio has reached 4:1. The market consensus is that longs are being gradually liquidated. The briefing also noted that analysts such as the CryptoQuant CEO believe the deleveraging cycle is nearing its end, but most traders in the group do not trust trading calls and emphasize acting according to strategy. Greeks.live believes that the safest approach at present is to hold cash, such as USDT, and wait for opportunities.