Bitcoin Futures Open Interest on Binance Spikes $1B as BTC Signals Bearish Reversal: Godbole

Bitcoin Drops Below $92K as Futures Data Points to Increased Short Positions

Bitcoin (BTC) fell under $92,000 overnight, revisiting a critical price zone that has held since December. However, this latest decline comes with a notable surge in futures open interest, signaling increased bearish sentiment and the possibility of further downside.

Data from Coinglass shows that open interest in Binance’s BTC/USDT perpetual futures climbed by roughly 12,000 BTC—over $1 billion—coinciding with BTC’s price drop from $96,000 to below $92,000. A rise in open interest during a price decline typically suggests an influx of short positions, indicating that traders are betting on extended losses.

Adding to the bearish case, the cumulative volume delta (CVD) across both futures and spot markets remains in negative territory, showing that selling pressure has been dominant over buying activity.

Bearish Marubozu Candle Signals Further Weakness

Bitcoin lost 4.86% on Monday, forming a bearish marubozu candlestick—a pattern that reflects strong selling pressure throughout the session. This candlestick, characterized by a long red body with minimal wicks, suggests buyers had little influence over price movements.

From a technical standpoint, BTC trading below its 50- and 100-day simple moving averages (SMA) while printing a bearish marubozu may embolden sellers and increase the likelihood of deeper corrections.

Key support (S) levels to watch include $89,200—the Jan. 13 low—and the 200-day SMA at $81,661. On the upside, resistance (R) is at the Feb. 21 high of approximately $99,520.