Analysis: With BTC open interest hitting a record high while prices continue to fall, the market consensus is that long positions are being gradually liquidated.

A briefing from the Greeks.live Chinese community indicates that the market is experiencing extreme panic, with group members generally bearish, believing it is undergoing a spiral of suffocation. 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, while some members anticipate a possible rebound after Thanksgiving. However, the disagreement lies in the bottom level, with some seeing $76,000 or even $50,000. BTC open interest has reached an all-time high while the price continues to fall, with a long-short ratio of 4:1, indicating a market consensus that longs are being gradually liquidated. The briefing also points out that analysts such as the CEO of CryptoQuant believe the deleveraging cycle is nearing its end, but traders in the group generally distrust trading signals, emphasizing following established strategies. Greeks.live believes the safest approach at present is to hold cash and wait for opportunities.