Bitcoin's recent pullback has seen a significant drop in open interest, indicating a potential bottom is forming. Short-term traders can consider buying on dips, while long-term holders can reassess their positions. Keep an eye on BTC's 50-day moving average, which has historically served as support.

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Interesting observation on the open interest drop. If the 50-day average holds as support, it could be a buying opportunity for short-term traders. Long-term holders may want to reassess their positions ahead of any potential rebound.