The shorts and big buyers both wish for a drop in the price of bitcoin. Shorts want to win their battle in the futures market, all the futures in crypto market now are just gambling in the price which is easy to be manipulated. They have enough power and motivation to dump the price. While big buyers want to buy more cheap bitcoins, the more the better.
Open interest in BitMex future contracts is high enough now. The market has gained enough momentum to make a big movement.
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