Insights

Bitcoin loses 30k support, as futures open interest contracts unwind

exchange68September 13, 2024

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Quick Take

Bitcoin lost its $30,000 support this morning and is currently at $29,500.
Five days ago, CryptoSlate analyzed that open interest jumped by the fifth largest amount in one day. This was a significant driver in pushing the price over $30,000.
In the past 24 hours, over $100 million of liquidations have occurred in crypto, flushing out late longs.
Roughly 375,000 BTC sit in open futures contracts, a decrease of 25,000 BTC from the weekend.

Futures Open Interest: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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