Bitcoin Traders Start to Exit Positions in the Market, Further Rally or Correction?

Bitcoin (BTC) briefly broke through the US$110,000 level before experiencing a slight correction to US$107,925 as this article was written on Thursday ( 12/06) morning. One of the factors behind this decline is the decrease in *Open Interest* (OI) of Bitcoin by US$1 billion, indicating that many traders are reducing their positions and leverage.
The decrease in *Open Interest* creates dominant selling volume, reflected in the negative *Taker Buy Sell Ratio* for the first time in four days. This indicates that sellers are starting to dominate the market, while spot traders are realizing more profits.
Activity on the exchange also shows an increase in Bitcoin inflow of 1,200 BTC or worth US$131 million, indicating that many Bitcoin holders are sending their assets to the exchange to sell. This condition creates selling pressure and potential further price declines.
If selling pressure continues, Bitcoin is at risk of testing the support level at US$107,000, and if it fails to hold, the price could drop to US$106,000. However, if buyers come back in stronger, the price could break through US$110,000 and create a new *all-time high* (ATH).