Glassnode: Traders added to their long positions after Bitcoin broke above the previous high, and the current pullback is helping to flush out leverage.

BlockBeats News, October 7th, Glassnode posted data on social media stating that as Bitcoin broke through its previous high, traders added to their long positions, leading to a significant increase in BTC futures open interest. The current pullback is testing the resilience of these long positions, aiding in a market leverage reset. Moving forward, close attention is needed on two signals: when and where buyer strength enters, and whether key support levels can reignite market demand.