Bitcoin (BTC) dipped below $92,000 during the overnight trade, revisiting levels that have proven resilient multiple times since December. However, the latest move comes with a notable uptick in perpetual futures open interest and price action that indicates seller dominance.
The number of open futures bets or open interest in the BTC/USDT pair trading on Binance rose by roughly 12,000 BTC (worth over $1 billion) as BTC’s price fell from $96,000 to under $92,000, according to data tracked by Coinglass.
An uptick in open interest alongside a price decline is said to represent an influx of bearish short positions. In other words, traders likely opened fresh shorts as the price dropped, perhaps in anticipation of an extended sell-off.
The cumulative volume delta (CVD) across both futures and spot markets on the exchange was already negative and has deepened further with the…
