BTC Price Slips to $120K Amid Falling Open Interest

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Binance open interest fell from $15.07B to $13.88B in three days, suggesting reduced leverage and caution after BTC’s rally to a new ATH.

oday, the price of Bitcoin (BTC) fell back to about $120,000 after trying and failing to stay above $124,000.

At the same time as this movement, open interest on Binance fell by 7.9%, with analysts describing it as an important metric showing traders are closing their positions and being more careful after the asset’s recent rise to a new all-time high (ATH).

Open Interest Declines as Bulls Step Back
Open interest in derivatives trading is the total number of contracts that are still outstanding. As pointed out by pseudonymous CryptoQuant analyst Arab Chain, the figure fell by almost 8% on Binance in just three days, going from an all-time high of $15.07 billion on October 6 to about $13.88 billion.

A fall in this indicator often means that traders are reducing their exposure, either by taking profits or closing positions to avoid potential losses. This activity usually points to a reduction in leverage and a more conservative market mood, especially after a period of strong price appreciation like Bitcoin’s recent climb from $108,000 to a new ATH beyond $126,000 in ten days.


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