Rising Open Interest: A Red Flag for Bitcoin Bulls

Quick Summary:

A recent technical analysis of Bitcoin’s price by Coin Glass suggests Bitcoin is under intense bearish pressure, evidenced by its recent price decline and a rising surge in open interest.

This counterintuitive market behavior, where the number of outstanding derivatives contracts increases despite a falling price, comes as a surprise to the cryptocurrency community.

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Article Details

Author / Journalist: Abdulkarim Abdulwahab

Category: Crypto

Markets: India

Topics: Bitcoin BTC News Market News Market

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 10:20:00 (14 hours ago)

News Timezone: GMT +0:00

News Source URL: coinedition.com

Language: English

Article Length: 153 words

Reading Time: 1 minutes read

Sentences: 48 lines

Sentence Length: 4 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coinedition

News ID: 22099467

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About Coinedition

Main Topics: Crypto

Official Website: coinedition.com

Update Frequency: 13 posts per day

Year Established: 2020

Headquarters: India

News Last Updated: 9 hours ago

Coverage Areas: India

Publication Timezone: GMT +0:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #124

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