Bitcoin sentiment weak as traders watch lows and deleveraging
Traders debate whether crypto is capitulating, with open interest down 25% from its top and historical November breakdown patterns cited.
Bitcoin (BTC/USDT)
$73,619 +16.7% · 3 mo
What we know
Open interest is down 25% from its peak after deleveraging. An analyst notes that in 2018 and 2022 a post-June bounce failed in November, with final lows 39 and 13 days after midterms. Traders are watching whether lows are taken out today, and one holds longs added at $73.5k.
What people are posting
Posts on X this story draws on. They are individual users' views and have not been verified by Global Eye 24.
@Kylechasse
“2018: low in June, +47% bounce, broke down in November”
View post →@Ameba_NM
“OI 25% from the top”
View post →By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.