In the past few hours, the price of Bitcoin (BTC) has dropped below $89,000, reaching levels that have resisted multiple declines since December. Currently, Bitcoin is trading around $89,415, showing a more than 6.5% decrease compared to the last 24 hours. The recent price drop coincided with a significant increase in the futures contracts open interest index and signs of sellers dominance. The open interest index for BTC/USDT futures pair on Binance has increased to about 12,000 Bitcoins (over $1 billion) while the price has fallen from $96,000 to below $89,000. The rise in open interest alongside the price drop indicates traders opening new short positions, anticipating further price decline. The cumulative volume delta (CVD) index on this exchange’s futures and spot markets has also turned negative, indicating increasing selling pressure. Sellers have controlled the market over the past day. The candlestick pattern formed is a Bearish Marubozu, signaling seller dominance and the possibility of a continued downward trend. In the current market conditions, crucial Bitcoin supports are around $89,200 (January 13 low) and the 200-day moving average at $81,661. On the other hand, the main resistance is seen around $99,520 (February 21 high). Visit the digital currency live price page to monitor real-time prices of all tokens and cryptocurrencies.
