Binance Open Interest in Bitcoin Futures Increases by $1 Billion
Bitcoin (BTC) has dipped below $92,000, revisiting established support levels while showing increased seller activity. Key points include:
- Open interest in BTC/USDT futures on Binance increased by 12,000 BTC (over $1 billion) as prices fell from $96,000 to under $92,000.
- This rise in open interest alongside a price decline suggests an influx of bearish short positions.
- The cumulative volume delta (CVD) has worsened, indicating that selling pressure exceeds buying activity.
- On Monday, Bitcoin dropped 4.86%, with sellers dominating the market.
- The day's candlestick pattern is identified as a bearish marubozu, signaling weak buyer influence.
- Support levels are at $89,200 and the 200-day SMA at $81,661; resistance is at approximately $99,520.
The current trend indicates potential for further declines if selling pressure persists.