Summary
- Bitcoin's weakness has led to an increase of over $1 billion in Binance Bitcoin futures open interest.
- This suggests an increase in short positions alongside the price decline.
- The Cumulative Volume Delta (CVD) remains negative, indicating selling pressure exceeds buying pressure.
Bitcoin (BTC), which is showing weakness today, could potentially decline further according to analysis.
On the 25th, cryptocurrency-focused media outlet CoinDesk reported that Bitcoin futures open interest on Binance increased by more than $1 billion as the price fell to the $92,000 level.
The media outlet explained that "the increase in open interest alongside price decline indicates growing short positions."
The Cumulative Volume Delta (CVD) in both futures and spot markets on Binance exchange has further deteriorated from its previous negative state. This indicates that selling pressure is exceeding buying pressure in the market.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
