Bitcoin Dips Below $92,000 as Futures Open Interest Rises
Bitcoin Price and Market Dynamics
Bitcoin's Price Movement and Market Reaction
Overnight trading saw Bitcoin's (BTC) value slip below $92,000, returning to a range it has consistently revisited since December. This downturn is paired with a significant rise in perpetual futures open interest which, alongside current price trends, suggests sellers are in control.
Market Indicators Show Seller Dominance
Data monitored by Coinglass reveals a noteworthy increase in the number of open futures positions in the BTC/USDT pair on Binance. Open interest surged by approximately 12,000 BTC, equivalent to over $1 billion. This upswing coincided with Bitcoin's decline from $96,000 to under $92,000.