Bitcoin Open Interest Crashes By $4.5 Billion In One Weekend, Spells Doom For Bulls
Bitcoin's open interest fell by $4.5 billion over the weekend, dropping from $65 billion to $61.5 billion, primarily due to liquidations following a price crash. Over $2 billion was lost in the Bitcoin market within 24 hours, with $1.88 billion in long positions liquidated. Bitcoin's price dropped from above $100,000 to as low as $92,000, influenced by new tariffs announced by the US government on imports from Mexico, Canada, and China. Market uncertainty may hinder a short-term recovery in open interest, posing challenges for Bitcoin bulls. However, 65.75% of Binance traders are betting on a price increase, suggesting potential bullish sentiment. Analysts indicate that Bitcoin is establishing a new trading range between $104,400 and $93,600, with a long-term upward trend expected. Currently, Bitcoin trades around $94,000, down over 6% in the last 24 hours.
