Close Menu
Invest Insider News
    Facebook X (Twitter) Instagram
    Tuesday, July 15
    Facebook X (Twitter) Instagram Pinterest Vimeo
    Invest Insider News
    • Home
    • Bitcoin
    • Commodities
    • Finance
    • Investing
    • Property
    • Stock Market
    • Utilities
    Invest Insider News
    Home»Bitcoin»Analyst Links Bitcoin Recent Fall To High Open Interest
    Bitcoin

    Analyst Links Bitcoin Recent Fall To High Open Interest

    October 27, 20243 Mins Read


    The Bitcoin (BTC) market has been significantly disturbed over the last 24 hours following a series of troubling news reports. During this period, the crypto market leader has recorded notable downfalls with its price slipping below the $66,000 price mark. However, a crypto analyst with X username Luca has postulated this recent price decline can be attributed to another factor beyond the news events.

    Bitcoin Crash Due To Overleveraged Market, Not News Event: Analyst

    On Friday, the Wall Street Journal reported that Tether was under investigation by US authorities over potential illicit use of the USDT stablecoin in money laundering, drug trafficking, and terrorism among other crimes. 

    Such a damaging report on USDT which ranks as the largest stablecoin appeared to induce a bearish sentiment in the crypto market which caused BTC to fall to around $66,000 prior to a refuting statement by Tether’s management. While in partial recovery, reports of an Israeli attack on Iran also ignited another downtrend forcing  Bitcoin to reach a local bottom of $65,700. Overall, BTC’s dropped by 4% from around $68,602 on Friday. 

    However, in an X post on Saturday, Luca states that the price decline was caused by a high Open Interest rather than the supposed news events. The crypto analyst explains that amidst Bitcoin’s downtrend, Open Interest also dropped by 9% indicating the market was highly overleveraged.

    According to Luca, BTC’s recent rally from $59,000 on October 10th to $69,000 on October 21st was driven by Perpetual contracts with little to no spot investment. Thus, the rally was always temporary with significant liquidations and price reversal a certainty.

    Is BTC Headed To $60,000? 

    In regards to the high Open Interest in Bitcoin,  Luca also states that the Liquidation Heatmap has shown significant liquidations to occur at purported support zones as these positions are highly overleveraged. 

    Following the recent price drop, the analyst highlights that $65,000, which represents a major support level, is one of these highly overleveraged zones with several long positions. Luca believes the Bitcoin bulls will lose this support zone if a retest occurs and BTC is likely to fall to $60,000 which may now hold as an effective support level.

    At the time of writing, Bitcoin continues to trade at $67,001 with a 0.50% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 28.23% and valued at $26.93 billion. With a market cap of $1.32 trillion, Bitcoin remains the largest digital asset in the world.

    Bitcoin
    BTC trading at $67,031 on the daily chart | Source: BTCUSDT chart on Tradingview.com

    Featured image from Kinesis Money, chart from Tradingview



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleAARP honors trailblazers with ‘flipside of lifetime achievement’ award
    Next Article $6.2 Million Federal Investment for Kissimmee Utility Authority Announced

    Related Posts

    Bitcoin

    Une grande banque britannique propose enfin le trading de Bitcoin et d’Ether

    July 15, 2025
    Bitcoin

    quelles répercussions pour Bitcoin et l’ensemble du marché crypto ?

    July 15, 2025
    Bitcoin

    pourquoi les cryptomonnaies séduisent de plus en plus ?

    July 15, 2025
    Leave A Reply Cancel Reply

    Top Posts

    How is the UK Commercial Property Market Performing?

    December 31, 2000

    How much are they in different states across the US?

    December 31, 2000

    A Guide To Becoming A Property Developer

    December 31, 2000
    Stay In Touch
    • Facebook
    • YouTube
    • TikTok
    • WhatsApp
    • Twitter
    • Instagram
    Latest Reviews
    Commodities

    Govt proposes mandatory labelling for bulk pre-packaged commodities | News

    July 14, 2024
    Utilities

    Wall Street’s Most Accurate Analysts Weigh In On 3 Utilities Stocks With Over 4% Dividend Yields – Clearway Energy (NYSE:CWEN)

    October 28, 2024
    Bitcoin

    Voici la direction que le prix du bitcoin prend toujours après la conférence Bitcoin

    May 31, 2025
    What's Hot

    Middlesex Water Subsidiary Tidewater Utilities Completes The Acquisition Of Ocean View Water System

    April 2, 2025

    New regulations require foreign entities to seek approval when investing in Japanese semiconductor manufacturing

    August 16, 2024

    Quand le précurseur du Bull d’Altcoin, la domination du Bitcoin déclinera-t-il? L’échelle de gris réagit

    May 18, 2025
    Most Popular

    Le bénéfice net ajusté d’Algonquin Power & Utilities bondit de 39 % au premier trimestre

    May 9, 2025

    Commodities Erase This Year’s Gain as China Rattles Complex

    July 30, 2024

    Japanese stocks rebound 9% after global rout

    August 6, 2024
    Editor's Picks

    Standard Chartered beats Q2 profit estimates, announces $1.5 bln buyback By Investing.com

    July 30, 2024

    Here’s why former Stanford and NFL quarterback Andrew Luck is investing in a Palo Alto sports bar

    August 20, 2024

    On finance des pêches qui rendent malades

    May 29, 2025
    Facebook X (Twitter) Instagram Pinterest Vimeo
    • Get In Touch
    • Privacy Policy
    • Terms and Conditions
    © 2025 Invest Insider News

    Type above and press Enter to search. Press Esc to cancel.