Bitcoin (BTC) fell below $ 92,000 during night trade, reviewing the levels that have proven to be resistant several times since December. However, the last movement comes with a remarkable increase in perpetual future, open interest and price action indicated by the seller’s domain.
The number of open futures bets or open interest in the pairs BTC/USDT in Binance increased by approximately 12,000 BTC (with a value of more than $ 1 billion) since the price of BTC fell from $ 96,000 to less than $ 92,000, according to data traced by Coinglass.
It is said that an increase in open interest together with a price decrease represents an influx of short bearish positions. In other words, merchants probably opened fresh shorts as the price fell, perhaps in anticipation of an extended mass sale.
The cumulative volume Delta (CVD) in futures and spot markets in the exchange was already negative and has been further deepened with the fall in prices, indicating that the sale pressure has exceeded the purchase activity.
The CVD measures net capital flows, where positive and ascending figures indicate the domain of the buyer, while negative values reflect greater sale pressure.
BTC chalks the bassist Marubozu candle
Bitcoin fell 4.86% on Monday with sellers who dominate the price action throughout the day.
That is reflected in the shape of Monday’s candlestick, which has superior and lower insignificant shadows and a prominent red body. In other words, the opening and closing prices are almost the same, buyers of a sign had little said in the price action.
Technical analysts classify this as a bassist Marubozu pattern. The appearance of the bearish candlestick, while prices close below simple mobile averages (SMA) 50 and 100 days can be emboldened to vendors, which potentially leads to deeper losses.
The support (s) is seen about $ 89,200, the minimum of January 13, followed by the 200 -day SMA at $ 81,661. On the other hand, the maximum of February 21, around $ 99,520 is the level to win (R).
