RATE Group | Bitcoin is in for a “Severe Correction” as Open Interest Skyrockets
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Bitcoin is in for a “Severe Correction” as Open Interest Skyrockets

28 Feb Bitcoin is in for a “Severe Correction” as Open Interest Skyrockets

Posted at 19:09h in Bitcoin News by

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Bitcoin’s intense downtrend appears to be far from being over, as the benchmark cryptocurrency’s bulls were unable to support BTC above a critical support level that was ardently defended throughout yesterday.

It now appears that the break below this level has put the crypto in precarious territory, potentially opening the gates for significantly further near-term downside.

This comes as the market’s open interest on margin trading platforms balloons past $1 billion, which is a bearish sign that is historically followed by intense downwards momentum.

Bitcoin Struggles to Find Support as Bears Continue Pushing It Lower

At the time of writing, Bitcoin is trading down just over 2% at its current price of $8,620, which marks a notable decline from daily highs of just under $9,000 that were set yesterday when bulls attempted to recapture its position within the $9,000 region.

The firm rejection at this level, however, led the crypto to continue inching lower, leading it to drop as low…

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