Bitcoin's Open Interest Plummets $10 Billion, Price Hovers Near $96,300

Bitcoin's open interest has fallen by $10 billion, with $100 million in leverage supporting the price at around $93,000. This decline comes after the cryptocurrency's open interest reached an all-time high of $71.85 billion on Dec. 18, 2024. Despite the decrease, Bitcoin's price has remained relatively stable, hovering near $96,300 within a monthly range of $91,300 to $100,000.

Data from Coinglass reveals a shift in positions across various platforms. Binance's open interest, for instance, dropped from $13.27 billion to $11.11 billion, while CME's figures fell from $22.71 billion to $16.1 billion. This indicates a decrease in trading activity and potentially lower volatility in the Bitcoin market.

Liquidation levels currently show about $100 million in potential liquidations around $93,000, providing support, and roughly $150 million around $97,000, which could act as resistance. A breach of these levels may intensify downward pressure if support fails or, conversely, trigger a mild short squeeze if resistance leads to forced short-covering.