Bitcoin Slumps Below $92K as Futures Open Interest Surges, Bears Take Control
Bitcoin (BTC) slipped below $92,000 in overnight trading, marking another test of a key support zone that has held since December. However, the latest downturn coincides with a sharp increase in futures open interest, suggesting a fresh wave of short selling.
Data from Coinglass shows that open interest in Binance’s BTC/USDT perpetual futures jumped by around 12,000 BTC (over $1 billion) as Bitcoin’s price dropped from $96,000 to below $92,000. This rise in open interest, coupled with declining prices, indicates an influx of bearish positions from traders betting on further downside.
Moreover, the cumulative volume delta (CVD) across both futures and spot markets has turned deeply negative, signaling that selling pressure is currently outpacing buying activity.
Bearish Marubozu Candle Hints at Further Weakness
Bitcoin recorded a 4.86% decline on Monday, forming a bearish marubozu candlestick. This technical pattern, characterized by a strong red body with minimal wicks, indicates that sellers were in full control throughout the session.
With BTC now trading below its 50- and 100-day simple moving averages (SMA), the bearish structure may fuel further declines.
Traders are eyeing support (S) at $89,200, the low from Jan. 13, and the 200-day SMA at $81,661 as potential downside targets. Meanwhile, a push past the Feb. 21 high of $99,520 (R) would be needed to shift momentum back in favor of the bulls.
