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.

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