At 14:20 on 22/10, the price was $82,285, down 0.63% in 24 hours. Both sides have a point. I lean toward further downside.
The price just broke below the previous 24-hour low of $82,465, dipping to $82,266. Within a ±1.5% range around the price, sell orders have a slight edge: 325 BTC for sale versus 307 BTC to buy. Over the past 24 hours, spot taker flow was negative by 2,138 BTC. In the same period, 312 BTC of long positions and 302 BTC of short positions were liquidated—almost evenly matched.
However, derivatives open interest has fallen 7% from today’s 01:00 peak of 99,249 BTC, to 92,343 BTC. With open interest declining, some of the selling is from existing positions closing. It’s not certain that new traders are opening shorts. The funding rate is 0.0005% every 8 hours. The next rate is projected at -0.001%.
I’m still leaning bearish. A 4-hour candle closing below $82,465 at 15:00 today would confirm the move, with a target of $81,500. If it closes above $83,200, I’ll abandon this view. $BTC #BTC #Bitcoin #crypto
The price just broke below the previous 24-hour low of $82,465, dipping to $82,266. Within a ±1.5% range around the price, sell orders have a slight edge: 325 BTC for sale versus 307 BTC to buy. Over the past 24 hours, spot taker flow was negative by 2,138 BTC. In the same period, 312 BTC of long positions and 302 BTC of short positions were liquidated—almost evenly matched.
However, derivatives open interest has fallen 7% from today’s 01:00 peak of 99,249 BTC, to 92,343 BTC. With open interest declining, some of the selling is from existing positions closing. It’s not certain that new traders are opening shorts. The funding rate is 0.0005% every 8 hours. The next rate is projected at -0.001%.
I’m still leaning bearish. A 4-hour candle closing below $82,465 at 15:00 today would confirm the move, with a target of $81,500. If it closes above $83,200, I’ll abandon this view. $BTC #BTC #Bitcoin #crypto