Early in the weekend session, major cryptocurrencies moved lower in tandem. Rather than a panic-driven sell-off on heavy volume, the market is grinding lower and probing for a bottom amid a lack of buying support.
According to public Binance data, BTC is currently at 68,300, down 4.23% over 24 hours and 10.18% over the past 7 days. Its current price is hovering just above the 7-day low of 68,144. The high of 76,195 is now distant resistance, and bulls have yet to put up any meaningful fight.
Leveraged positions in the derivatives market are exiting at an accelerating pace. BTC futures open interest fell 7.04% over 24 hours. Deleveraging in SOL has been even more pronounced, with open interest plunging 8.14% over 24 hours as its price sits at 78.4. This pullback has coincided with a continued contraction in open positions, indicating that long positions are mainly being stopped out and reduced.
As for funding rates, BTC is at 0.0058%, while ETH has slipped to just 0.0011%, showing that appetite for leveraged long positions is extremely weak. According to Alternative.me, the Fear & Greed Index has fallen from 25 seven days ago to 13, with sentiment now in the extreme fear zone.
The key thing to watch today is whether BTC can hold the 7-day low of 68,144. If it breaks below that level and fails to quickly reclaim it, the search for a bottom amid choppy trading could drag on, especially given weaker weekend liquidity.
This is solely my personal analysis. Please do your own research before investing (DYOR).
$BTC $SOL
According to public Binance data, BTC is currently at 68,300, down 4.23% over 24 hours and 10.18% over the past 7 days. Its current price is hovering just above the 7-day low of 68,144. The high of 76,195 is now distant resistance, and bulls have yet to put up any meaningful fight.
Leveraged positions in the derivatives market are exiting at an accelerating pace. BTC futures open interest fell 7.04% over 24 hours. Deleveraging in SOL has been even more pronounced, with open interest plunging 8.14% over 24 hours as its price sits at 78.4. This pullback has coincided with a continued contraction in open positions, indicating that long positions are mainly being stopped out and reduced.
As for funding rates, BTC is at 0.0058%, while ETH has slipped to just 0.0011%, showing that appetite for leveraged long positions is extremely weak. According to Alternative.me, the Fear & Greed Index has fallen from 25 seven days ago to 13, with sentiment now in the extreme fear zone.
The key thing to watch today is whether BTC can hold the 7-day low of 68,144. If it breaks below that level and fails to quickly reclaim it, the search for a bottom amid choppy trading could drag on, especially given weaker weekend liquidity.
This is solely my personal analysis. Please do your own research before investing (DYOR).
$BTC $SOL
