$BTC bounced back from 80,394 to 83,000, but Binance futures open interest fell 3.79%—this rebound looks more like short covering than fresh money coming in 🧐
Binance data (10-09 19:53): Current price 83,228; futures open interest about 7.64 billion U, down 3.79% over 24h; long/short account ratio fell from 1.86 to 1.62; funding rate 0.0038%, basically neutral.
According to TokenPost, in the 12 hours up to 7:48 a.m. ET on October 9, short positions worth $46.29 million were liquidated on Binance, Bybit, and OKX, while long liquidations totaled just $11.08 million.
Short covering is a one-off source of fuel, while today's spot trading volume was only 0.35 times the 20-day average.
Scenarios:
1️⃣ If the price moves above the MA20 at 84,346 and open interest starts growing again, fresh money may be joining in. The next level to watch is 86,999.
2️⃣ If open interest keeps falling and the price stays below 84,346, a pullback after short covering becomes more likely. First, watch the MA50 at 80,749.
3️⃣ A break below 80,394 invalidates the rebound scenario.
Tomorrow marks one year since the 10/10 flash crash: has the short-covering fuel run out this time, or is fresh money on the way?
Sources: TokenPost, Binance futures data
$BTC #比特币 #Futures
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, not investment advice. DYOR.
Binance data (10-09 19:53): Current price 83,228; futures open interest about 7.64 billion U, down 3.79% over 24h; long/short account ratio fell from 1.86 to 1.62; funding rate 0.0038%, basically neutral.
According to TokenPost, in the 12 hours up to 7:48 a.m. ET on October 9, short positions worth $46.29 million were liquidated on Binance, Bybit, and OKX, while long liquidations totaled just $11.08 million.
Short covering is a one-off source of fuel, while today's spot trading volume was only 0.35 times the 20-day average.
Scenarios:
1️⃣ If the price moves above the MA20 at 84,346 and open interest starts growing again, fresh money may be joining in. The next level to watch is 86,999.
2️⃣ If open interest keeps falling and the price stays below 84,346, a pullback after short covering becomes more likely. First, watch the MA50 at 80,749.
3️⃣ A break below 80,394 invalidates the rebound scenario.
Tomorrow marks one year since the 10/10 flash crash: has the short-covering fuel run out this time, or is fresh money on the way?
Sources: TokenPost, Binance futures data
$BTC #比特币 #Futures
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, not investment advice. DYOR.