Bitcoin on the verge of breaking through $ 30,000 of support as bearish sentiment shifts into high gear
Bitcoin bears continue to rule the roost, with $ 30,000 support level becoming increasingly fragile
Bitcoin started the new week on a cold note.
The major cryptocurrency fell to an intra-day low of $ 30,560 on the Bitstamp exchange.
According to data provided by IntoTheBlock, open interest, which shows the cumulative amount of open positions in the futures market, continues to increase.
In particular, the perpetual OI swap has now crossed $ 10 billion for the first time since May 19, the day Bitcoin collapsed by nearly 30% in a matter of hours.
This indicates that short positions continue to accumulate despite Bitcoin having recently recorded its worst weekly close since December 2020.
It remains to be seen whether the bulls will be able to vigorously defend the $ 30,000 support for much longer.
Markets turn red in all areas
Aside from Bitcoin, stocks are under pressure, with the S&P 500 Index opening down 1.3%. The tech-rich Nasdaq is also down 1.43%.
While crypto has been in a bear market for months, the ongoing correction can be a frightening warning for some stock investors given that all major indices have managed to hit new highs just Last week.
Gold is currently stagnant during today’s trading session after losing nearly 1% previously.
Oil is also in the red after OPEC + agreed to increase production.
– jeroen blokland (@jsblokland) July 19, 2021
Meanwhile, the US dollar and Japanese yen are trading higher as investors embrace “safe haven” trading.