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: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
  • 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: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

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

Crypto Market Records ‘Particularly Robust’ Q3 Performance With 16% Active Trader Growth – Report

A recent MEXC Q3 report highlighted the strong performance of the crypto market during the last quarter, which saw active...

Rubmar Garcia 1 hour ago
crypto russia bitcoin btc btcusd

Russia’s New Crypto Framework Could Redefine Global Trade Amid Sanctions Pressure

Russia has officially unveiled a sweeping legal framework to integrate crypto into its foreign trade system, a move widely seen...

James Halver 2 hours ago
Bitcoin Price Slides Lower

Bitcoin Price Slides Lower — Bears Tighten Grip Amid Weak Market Sentiment

Bitcoin price is attempting to recover above $107,500 and $108,000. BTC could rise further if there is a clear move...

Aayush Jindal 3 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

Ethereum

Poate ajunge Ethereum la 5000$ în noiembrie? Ce șanse are ETH pentru un nou ATH

Elvira C. Just now
Bitcoin

Is Bitcoin Ready For A Rebound? This Metric Says More Pain Needed First

Keshav Verma 42 minutes ago
Bitcoin et altcoins : bottom local confirmé ? Niveaux et signaux de reprise à surveiller

Bitcoin et altcoins : bottom local confirmé ?

guillaumev 43 minutes ago

Premium Sponsors

Press Releases

  • イーサリアム 今後の価格予測:12月に史上最高値の可能性、新興プレセール銘柄が注目を集める

    イーサリアム...

    17 hours ago
  • ビットコイン 今後:12億ドル規模のETF資金流出で10万7,000ドルのサポートが注目点に

    ビットコイン...

    17 hours ago
  • シバコイン 今後の価格予測:2025年強気相場に向けて再浮上の兆し、トークンバーンは上昇の鍵となるか

    シバコイン...

    17 hours ago
  • パイネットワーク価格予測:メインネットの噂で注目上昇、初期投資家に利益の可能性はあるか?

    ...

    17 hours ago
  • Have Dogecoin - Count It Toward Your Mortgag

    Có Dogecoin? Dùng để trả thế chấp – và lý do...

    18 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.