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Bitcoin’s current market situation is influenced by two opposing forces. One is the bullish signals in the derivatives market, while the other is the bearish trend in the general market. According to Coinglass data, the trading volume in the derivatives market increased by 46.20% in the last 24 hours, reaching $87.90 billion. This increase indicates growing market interest and intensified trading activities.
Open Interest Drops to $29.61 Billion
However, open interest in the derivatives market fell by 6.66%, dropping to $29.61 billion. This suggests that traders are closing positions or taking profits due to volatility. The options market shows mixed signals. While volume decreased by 39.73%, open interest increased by 2.18%. This indicates that significant positions are being maintained, but new trades are declining.
The general long/short ratio stands at 0.9168, indicating a slight dominance of short positions. However, on major exchanges like Binance and OKX, long positions are more dominant. The long/short ratios on these platforms are 3.2176 and 2.88, respectively.
Liquidation data is also critical for understanding market dynamics. In the last hour, $49.76 million was liquidated, with $49.44 million coming from long positions. In the last 12 hours, $104.67 million was liquidated, with $78.58 million from long positions. These liquidations may continue to exert downward pressure on the market.
Bitcoin Technical Analysis
Despite bullish signals in the derivatives market, broader market indicators show bears in control. Bitcoin is trading below the Ichimoku Cloud, which signals a downtrend. The conversion line and base line are also below the cloud, supporting the bearish trend. The On-Balance Volume (OBV) oscillator shows a negative value of -110,131K, while the Chaikin Money Flow (CMF) stands at -0.25. These metrics indicate money is flowing out of Bitcoin, strengthening the bears’ control.
Additionally, the Average Directional Index (ADX) is at 35.94, indicating a strong trend. Rising ADX with falling prices shows intensified bearish momentum. This suggests Bitcoin’s downtrend may continue in the short term.
Critical support levels investors should watch are around $56,000. A break below this level could lead to a drop to the next support at $55,000. On the upside, resistance levels are at $59,000 and $60,000. A break above these levels could signal a potential reversal.
