CoinWorld News: On April 23 (UTC+8), according to on-chain analyst Murphy (@Murphychen888), the BTC price has risen to around $79,000. The current futures market open interest (OI) has returned to a recent high of 472,000 BTC, and market leverage continues to build. During yesterday’s peak, short sellers paid longs an average funding fee of up to $604,000 per hour; although this is below the peak, it is still far above the 7-day average ($197,000). Murphy noted that high OI combined with worsening negative premium means that once the price rebounds, shorts will be forced to close or be liquidated, which will create buying pressure and trigger a short squeeze. Looking back at history, rebounds occurred under similar conditions on March 9 and April 13, but the current odds for opening short positions are not ideal.