Bitcoin (BTC) dipped under $ 92,000 during trade overnight and revised levels that have been shown to be elastic several times since December. However, the latest feature comes with a remarkable uptick in the open interest and pricing of eternal futures, which indicates the seller’s dominance.
The number of open futures -betting or open interest in the BTC/USDT pair at Binance increased by approx. 12,000 BTC (worth over $ 1 billion) as BTC’s price dropped from $ 96,000 to below $ 92,000, according to data traced by Coinglass.
An open interest uptick, along with a price, is said to represent an influx of bearish short positions. In other words, dealers probably opened fresh shorts as the price fell, perhaps in anticipation of an extended sale.
The cumulative Volumendelta (CVD) across both futures and spot markets on the stock exchange was already negative and has further elaborated with the price drop, indicating that the sales press has surpassed purchase activity.
CVD measures net capital flows into the market, where positive and rising numbers indicate buyer dominance, while negative values reflect increased sales pressure.
BTC creeps out bearish marubozu candles
Bitcoin fell 4.86% Monday with sellers who dominated the price of the price all day.
It is reflected in the form of Monday’s candlestick, which has insignificant upper and lower shadows and a prominent red body. In other words, opening and closure prices are almost the same, a signpost had little to say in the price.
Technical analysts categorize this as a Bearish Marubozu pattern. The appearance of the Bearish candlestick, while prices are hovering under the key 50- and 100-day simple movement average (SMA), the office sellers can potentially lead to deeper loss.
Support (s) is seen almost $ 89,200, on January 13 low, followed by 200-day SMA for $ 81,661. On the flip side, February 21 is high at around $ 99,520 level to beat (s).
