BTC rebounds at the $89,200 support level, with derivatives leverage reaching a three-week high

【CryptoWorld】Bitcoin rebounded to the $90,500 range after finding support at the critical $89,200 level today. This support level coincides with the 50-day moving average. According to market trading supervisors, the market has been repeatedly resisted at the $95,000 level and unable to break through effectively, resulting in recent two-way volatility. Over the past two trading days, the market has been mainly dominated by significant ETF outflows, with short-selling sentiment strengthening.

More notably, the leverage changes in the derivatives market deserve attention. The total open interest in BTC futures and options has surged to nearly 700,000 BTC, hitting a three-week high and increasing by approximately 75,000 BTC since the beginning of the year. This indicates that market participants are gradually increasing their leverage exposure.

The funding rate for perpetual futures remains around 0.09% positive, meaning longs need to pay shorts to maintain their positions. Under this rate environment, traders may be leveraging up to buy the dip, but this also means that long positions face greater liquidation risks. If the price falls below the key support, it could trigger chain liquidations.