Bitcoin (BTC) plummeted below $92,000 in overnight trading, returning to levels that had acted as a floor several times in December. This recent drop has been accompanied by a significant increase in perpetual futures trading and a price pattern indicating seller dominance. Open futures contracts in the BTC/USDT pair on Binance surged by around 12,000 bitcoins (over $1 billion) while the BTC price dropped from $96,000 to below $92,000. The rise in futures trading alongside the price decrease signals selling positions entering the market. The cumulative delta volume in futures and cash markets has been negative and deepened with the price decline. Bitcoin has now decreased by 4.86% with sellers holding sway over its price. Technical analysts believe the next close support is at $89,200 and a strong resistance around $99,520.
