Order books, essentially lists of orders that a trading outlet implements to show interest to buyers and sellers, show considerable buyer interest in the $30,000 area on the major exchanges like Coinbase and Binance.
There are 5,000 BTC ready to buy at $30,000, and another 7,000 BTC on Binance at $28,000.
The sell-off may not be over, but bitcoin (BTC) buyers can take solace in the knowledge that order books in the $28,500 to $30,000 area are dense. As a result, the fall in prices due to Russia’s military operations may be relieved.
According to Statista, Binance is one of the leading exchanges worldwide, consistently exhibiting the largest spot volumes in a 24-hour period.
For Coinbase, it’s a similar story with a more intense Number, About 3,500 bitcoins are ready to buy at prices up to $3,000, and 4,500 bitcoins are ready to short bitcoins up to $28,000.
glassnode Reported “Futures open interest hits 6-month low of $1,780,397,103.63” on Sam Bankman-Fried’s crypto exchange, FTX.
Open interest has been trending down across all exchanges over the past few weeks, meaning fewer traders are “liquidating” and there is less chance of volatile price swings.
Metrics Bybit and Binance Futures also on the exchanges Declare Minimum open interest. In short, these exchanges will not “get us out” from the current bearish price action and are losing leverage positions.
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So if leveraged positions or “liquidation cascades” won’t push the price down, and the principal reaches the $30,000 level but interest is down, will bitcoin cause a sub $30,000?
Spot Selling. There must be a strong reason for sellers who sold bitcoins last time for no less than $33,000 to do so this time around.
Investor confidence will be tested once again as the Bitcoin Fear and Greed Index is once again entering “extreme fear” territory and BTC is down 12% overnight.
