NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

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

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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 as $8,400 overnight.

The crypto was able to find some strong support at this level, although it has yet to decisively recapture its position above $8,700 – which was a key support level for BTC prior to its sharp overnight downtrend.

One factor that could spell trouble for Bitcoin is the fact that its open interest on BitMEX is once again over $1 billion, which is typically an occurrence that is followed by significant selloffs.

Mac, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, concisely saying “welcome back” while referencing a chart showing the growth of Bitcoin’s OI.

https://twitter.com/MacnBTC/status/1233342347347464192?s=20

BTC Just Lost a Key Support Level, Signaling a Severe Correction is Inbound 

Prior to the overnight selloff, Teddy, a popular cryptocurrency analyst on Twitter, explained in a tweet that $8,700 was an incredibly important level for bulls to hold the crypto above, with the recent break below this level opening the gates for a “severe correction.”

“BTC: Still no bounce from this level. This old resistance now ‘support’ is clearly a significant level as price wicked below a few times – but always closed above! Lose it and correction will be a lot more severe,” he noted.

https://twitter.com/teddycleps/status/1232973476547481600?s=21

If bulls are unable to recapture this level and catalyze some short-term momentum, it is likely that the ongoing downtrend is still in its early phases, and that significantly further downside is imminent.

Featured image from Shutterstock.
Tweet123Share253ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

bitcoin и графики

Почему Биткоин не дошел до $150 000 и какую роль играет инфраструктура?

Биткоин вновь столкнулся с коррекцией и отступил почти на 10% от исторического максимума выше $124 000. Аналитики объясняют снижение активностью...

daria 5 hours ago
Pyth rebound naar $0,45 verwacht deze week - blijft de Chainlink killer sterk?

Pyth rebound naar $0,45 verwacht deze week – blijft de Chainlink killer sterk?

PYTH koers zakt terug naar steun en traders mikken op een snelle rebound. De altcoins tonen weer leven. Als het...

Lars Diederiksen 5 hours ago
Crypto news Ray Dalio

Crypto To Overtake The Dollar? Ray Dalio Flags End Of Debt Cycle

Crypto sits at the heart of Ray Dalio’s new message. On September 3, 2025, the Bridgewater Associates founder published a...

Jake Simmons 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

hyperliquid price surge

Hyperliquid Hits $400B Trading Volume and $100M Revenue as HYPE Price Eyes $55 Breakout

James Halver 54 minutes ago

Bitcoin And Ethereum Exchange Inflows Overshadow Stablecoin Demand – Details

Sebastian Villafuerte 3 hours ago
XRP

XRP Faces Crucial Test With ETF Approval Chances Now At 87%

Christian Encila 4 hours ago

Premium Sponsors

Press Releases

  • Zamiana 750 USD w 1 500 000 USD: w 2021 to był Shiba Inu...

    56 minutes ago
  • miner

    September’s Curse Is Coming: How Can Investors Still...

    2 hours ago
  • Bitcoin Prediction $140,000: Sunny Mining App Helps Users...

    4 hours ago
  • ドージコイン 今後の価格予測:1ドル到達は可能か?

    ドージコイン...

    5 hours ago
  • リップル 今後の展望:2025年に5ドル予測、台頭する新興ウォレットトークンとは

    リップル...

    5 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.