Bitcoin Slips Below $92K as Futures Data Signals Fresh Short Positions
Bitcoin (BTC) dipped under $92,000 overnight, revisiting key support levels that have held firm since December. However, this latest decline is accompanied by a sharp increase in perpetual futures open interest, suggesting growing bearish sentiment and the potential for further losses.
According to data from Coinglass, open interest in Binance’s BTC/USDT perpetual futures surged by approximately 12,000 BTC (over $1 billion) as the cryptocurrency’s price dropped from $96,000 to below $92,000. This increase in open interest alongside a price decline indicates a wave of new short positions, likely placed in anticipation of an extended sell-off.
Further reinforcing this bearish outlook, the cumulative volume delta (CVD) across both spot and futures markets remains negative and has deepened with the price drop. A negative CVD suggests that selling activity has outpaced buying pressure, signaling a market controlled by sellers.
Bearish Marubozu Candle Hints at More Downside
Bitcoin closed Monday with a 4.86% loss, forming a bearish marubozu candlestick—a technical pattern that signifies strong selling pressure throughout the session. With negligible upper and lower shadows and a prominent red body, the candle suggests buyers had little influence on price action.
Technical analysts view the formation of a bearish marubozu while BTC trades below its 50- and 100-day simple moving averages (SMA) as a sign of potential deeper losses.
Key support (S) levels are at $89,200—the low from Jan. 13—followed by the 200-day SMA at $81,661. On the upside, resistance (R) is seen at the Feb. 21 high of approximately $99,520.
