Analyst: Short positions dominate Bitcoin derivatives market, while long positions continue to face liquidation pressure BlockBeats News: On April 3rd, CryptoQuant analyst Axel Adler Jr posted that the Bitcoin Position Index is a comprehensive indicator of the aggressiveness of long/short positions in the derivatives market, reflecting the current actual opening direction of futures market participants. The index's 30 day Simple Moving Average (SMA-30d) hit a local high of+3.0 at the Bitcoin price of $73925 on March 17th, and has since continued to decline, dropping to -3.1 today. Reflecting the continuous accumulation of short positions. During the same period, the price of Bitcoin fell from $74883 to $66603, and SMA-30d continued to decline in sync with the market price, further confirming the weakening of the market structure. The liquidation oscillation index has rebounded from 2.9% in mid March and continues to rise, reaching 18.6% as of today. This means that the market continues to generate forced liquidation in the long position and does not allow for structural recovery. The red bar reflecting the dominance of short liquidation has not appeared since October 2025. As long as the 30 day moving average (30DMA) remains high and the clear red bar has not returned, the pressure of long positions will continue to exist. If 30DMA reverses downwards, it is the first signal for clearing balance to begin to recover. The reversal of two indicators occurs synchronously and mutually confirms each other. The price of Bitcoin has fallen by about 11% from its peak of $74883, and there is no basis for sustained reversal in the current derivatives market structure: bears dominate, long positions continue to be liquidated, and short positions are almost nowhere to be seen. Current operational stance: Risk avoidance. The main downside risk is that if strong flat pressure persists and SMA-30d holdings remain below the zero axis, the bearish pattern will further solidify, and the downward pressure on Bitcoin prices to fall below $66000 will intensify