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Bitcoin Loses Momentum as Futures Open Interest Falls
The BTC/USD pair remained under intense pressure on Tuesday morning as the recent retreat resumed. Bitcoin dropped to $68,700, inside the range it has remained in the past few days, and much lower than the all-time high of 126,200. Bitcoin Price Recovery Loses Momentum Bitcoin’s price action has coincided with a period of weak open interest in the futures market, a sign that demand remains weak. The broader futures open interest in the crypto industry moved from last year's high of $255 billion to the current $96 billion. Bitcoin’s open interest dipped from over $95 billion last year to the current $45 billion. ... (full story)
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