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Bitcoin’s price plunged below the $92,000 level during the night, effectively retesting previous resistance levels. The increase in selling pressure has dampened market risk appetite. In this climate, short positions have gained prominence, supported by technical indicators signaling a downturn.
Open Positions Rise in the Futures Market
On the Binance exchange, open futures positions for BTC/USDT saw an increase of approximately 12,000 BTC. This uptick corresponds to nearly $1 billion in trading volume. The decline in Bitcoin’s price from $96,000 to below $92,000 suggests that selling pressure is becoming more pronounced in the market.
This activity in futures indicates that traders are concentrating on short positions. The rise in open positions and volume data reveals high market volatility, which may prompt Bitcoin 
$84,686 to retest its support levels.
Technical Indicators Signal Selling Pressure
In technical analysis, the cumulative volume delta (CVD) data is trending negatively. A negative CVD indicates that the market is predominantly under selling pressure. The formation of a Marubozu candlestick pattern also suggests an increase in the influence of sellers in the market.
Experts note that the emergence of the Marubozu pattern signifies that buyers have struggled to assert control in the market. Key support levels are noted at $89,200 and the 200-day moving average at $81,661. The peak value was recorded at $99,520 on February 21.
As uncertainty persists in the market, Bitcoin’s price movements are closely monitored through technical and volume indicators. It’s crucial for market participants to develop strategies based on support and resistance levels. Technical analysis data can play a critical role in predicting future price movements.
