Why Bitcoin’s $71K range looks fragile after $725M OI drop
Bitcoin is trading in a narrow range between $68,936 and $71,751, with market indicators suggesting growing fragility. Derivatives data reveals a significant change, as net trading volume has turned negative for the first time in months, with $270 million favoring sellers. The Taker Buy Sell Ratio on Binance also indicates seller dominance. Despite this, funding rates remain slightly positive, showing that long traders are still paying to hold positions even as Open Interest dropped by $725 million in a day. Meanwhile, spot market activity and Bitcoin ETF flows have been weak, with consistent net outflows and significant sell pressure. Until both spot and derivatives markets show sustained bullish participation, Bitcoin's near-term momentum is likely to remain subdued.
ambcrypto02/10 15:02
