Bitcoin open interest falls by $55B in 30 days: What’s next for BTC price?
Futures traders drastically reduced their activity as Bitcoin’s weakness extends and new year-to-date lows become a daily occurrence. Cointelegraph reviews traders’ BTC price expectations.
Bitcoin’s (BTC) struggle to hold above $70,000 carried on into Wednesday, raising concerns that the a drop into the $60,000 range could be the next stop. The sell-off was accompanied by futures market liquidations, a $55 billion drop in BTC open interest (OI) over the past 30 days, and rising Bitcoin inflows to exchanges.
The price weakness has analysts debating whether crypto-specific factors or larger macro-economic issues are the driving factor behind the sell-off and what it may mean for BTC’s short-term future.
Key takeaways: