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Bitcoin bears have recaptured most of yesterday’s gains by lowering the price to $19,600 within the past hour. The next support level is $19,200.
Previous instances of losing the psychological $20,000 level have seen recovery in that area. Concerns have led some analysts to expect BTC to fall below the previous local bottom of $17,600 hit on June 18.
On the other hand, according to glass coin, $2028 million longs were liquidated on the downside. Choppy price action led to the liquidation of the $9 million short on Aug. 29.
bitcoin open interest
Glassnode data for bitcoin open interest by Deribit strike price on August 31 shows a put at $19,500 as the most popular call by traders.
strike price Refers to the price at which a put or call can be exercised, traders expect the BTC price to fall below $19,500 and want to sell their contract holdings.
Similarly, the chart below shows a gradual rise in the put/call ratio over the last few weeks, suggesting bearish sentiment among derivatives traders.
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