Bitcoin leverage cools as market tests $80K support level

Overheated leverage in the market is cooling down and bearish hedging sentiment is also easing somewhat, according to an analysis by Blockbeat. The media outlet noted that after attempting to break the $82,000 level, Bitcoin (BTC) has entered a correction phase, with the market now focused on the liquidity support effect around the $80,000 mark. Over the past 24 hours, Bitcoin open interest (OI) has decreased by 5.13%. While the seven-day cumulative funding rate remains negative, its margin has been gradually narrowing. Blockbeat explained that these are indicators that overheated leverage is subsiding and bearish hedging sentiment has softened. However, it cautioned that while short-term overheating is being resolved, overall market sentiment remains predominantly cautious, and investors should be careful.