[Current Bitcoin Contract Market Buy Pressure Approaches '8.19' Level, Bulls Regroup] BlockBeats News, October 2: Crypto analyst @AxelAdlerJr stated that the current buy pressure indicator in the Bitcoin futures market has risen to 4.9, reaching its highest level since August 19. Contract open interest has increased by nearly 9,000 BTC within 24 hours, indicating that traders are once again starting to build positions. The buy pressure indicator measures the balance of buying and selling in the market, weighted by changes in open interest. A reading of 4.9 suggests that the accumulated pressure over the past 12 hours is nearly five standard deviations higher than the average level of the past week. This surge may be accompanied by the establishment of long positions and the closing of short positions. @AxelAdlerJr believes that if Bitcoin's price can remain above $85,000 even as upward momentum weakens, it indicates that this rally is likely to continue. The main risk for newly established long positions lies in the price falling below $83,000, which could accelerate the decline due to liquidations. [Original Link]