BTC is Below $19,000 Would not be Surprising
Bitcoin is back to tried hit $20k for the past 7 days, with the latest attempt on Oct, 5. So, bearish have displayed strength on BTC after testing levels below $18,300 during that period. Trader is still waiting and sees whether $18,200 was the bottom because the support level weakens each time it is tested. It is maybe relevant that BTC will be below $19,000 with support data like open interest
Open interest is the total number of open derivative contracts like futures market. Open interest is a measure of the flow of money into a futures market. If open interest is increasing that sign additional money into the market while decreasing that one indicates money outflowing from market.
Based on Glassnode as shown data above consistent increase in Futures Open Interest which is BTC denominated futures Open Interest has reached a new ATH with 80% increase since May this year. This suggests that levels of speculation are increasing, despite coin prices declining significantly over this time.
Based on data ( 19 October 2022 ) in Coinglass that long and short ratio are 0.93 with buy data 48.17% and sell 51,83 %. Consequently, its still bearish chance of BTC below $19,000 ahead. The price of crypto assets, especially on CoinMarketCap in a week BTC only increased +0.8 % and ETH +0.75 %. Then, data on Illustration of Fear and Greed Index Crypto is still in the extreme fear category at level 23. This indicates that investors won’t interested in collet BTC in the spot market.
BTCUSDT market movement technically began to surge this week. Therefore, in technical analysis, the Bitcoin market will probably spike up to the next resistance level at US$ 20,362.07. If that happens BTC has a chance for the next bullish, but in this case, while the market is sideways and never breaks that resistance, BTC will drop ahead below US$ 19 K.
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