Bitcoin fall hơn 7%: Cơ hội mua dip?

The leading cryptocurrency, Bitcoin, has slipped below the $75,000 mark, comparable to prices seen in November 2024. However, at the time of writing, BTC price has recovered slightly and is hovering around $76,600.

This asset has decreased by more than 7% during the day, while trading volume has surged by over 200%, indicating strong selling pressure. With the downtrend becoming increasingly evident, Bitcoin may be on track to establish a new bottom in the short term.

Traders are pulling back, but the bulls have not given up the fight

The wave of price decrease of BTC is reflected in the drop of Open Interest (OI) in the futures market, indicating that traders are closing positions and withdrawing from the market. At the time of writing, the Open Interest of Bitcoin is at 51.88 billion USD, down 1% in the past 24 hours.

Bitcoin OI Chart | Source: CoinglassOI of Bitcoin futures contracts is used to measure the total number of futures contracts that are open and have not been liquidated or closed. When this index decreases as it currently is, it often indicates that traders are closing their positions – whether taking profits or cutting losses – instead of opening new positions.

This decline indicates a decrease in market participation and a weakening confidence in the short-term price recovery.

However, despite the strong downward trend, market sentiment remains surprisingly stable. Specifically, the funding rate of BTC is still positive and currently stands at 0.006%.

Funding rate chart of Bitcoin | Source: CoinglassFunding rate is the periodic payment between Long and Short traders in perpetual futures contracts, helping to keep the contract price aligned with the spot market. A positive funding rate means that Long position traders are paying fees to those holding Short positions, indicating that most traders are still betting on the price to rise.

This trend reflects the dominance of the bulls in the market, even as the BTC price is experiencing a short-term decline.

Options traders prepare for a stronger downtrend

Data from the options market confirms that selling pressure is increasing. According to Deribit, there are currently more open put contracts (sell) than call contracts (buy), indicating that confidence in a short-term recovery of Bitcoin’s price is gradually diminishing.

Bitcoin Options Market Data Chart | Source: DeribitIt can be said that the combination of a positive funding rate, a bearish options position, and decreasing OI has created a highly contradictory market. This reflects a polarization in investor sentiment, where uncertainty is prevailing. Therefore, caution is necessary.

Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making any decisions. We are not responsible for your investment decisions.

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