In Sunday morning trading, market support evaporated as losses among major cryptocurrencies deepened, triggering stop-losses among bulls. The market is undergoing a sharp deleveraging cycle.
According to public Binance data, BTC is currently trading at 64,084, down 6.33% over the past 24 hours. Its 7-day decline has reached 15.4%, bringing the price close to its 7-day low of 63,545 and well below its high of 76,074.
Long positions are exiting the market at an accelerating pace. BTC futures open interest fell 6.49% over the past 24 hours and 13.75% over the past 7 days. Deleveraging in SOL has been especially intense: it is currently trading at 70.19, down 10.44% in a single day, while its 24-hour open interest has also slid 10.52%.
As for funding rates, BTC remains at 0.0047%, while SOL has plunged to -0.014%, signaling rising bearish hedging sentiment. According to Alternative.me data, the Fear and Greed Index has bottomed out at 10, down from 28 seven days ago, with sentiment mired in extreme fear.
The key level to watch today is BTC's 7-day low of 63,545. If it closes Sunday below that level and buyers fail to step in, there may be further room for the price to fall.
The above is my personal opinion and does not constitute investment advice.
$BTC $SOL
According to public Binance data, BTC is currently trading at 64,084, down 6.33% over the past 24 hours. Its 7-day decline has reached 15.4%, bringing the price close to its 7-day low of 63,545 and well below its high of 76,074.
Long positions are exiting the market at an accelerating pace. BTC futures open interest fell 6.49% over the past 24 hours and 13.75% over the past 7 days. Deleveraging in SOL has been especially intense: it is currently trading at 70.19, down 10.44% in a single day, while its 24-hour open interest has also slid 10.52%.
As for funding rates, BTC remains at 0.0047%, while SOL has plunged to -0.014%, signaling rising bearish hedging sentiment. According to Alternative.me data, the Fear and Greed Index has bottomed out at 10, down from 28 seven days ago, with sentiment mired in extreme fear.
The key level to watch today is BTC's 7-day low of 63,545. If it closes Sunday below that level and buyers fail to step in, there may be further room for the price to fall.
The above is my personal opinion and does not constitute investment advice.
$BTC $SOL
