Bitcoin trying to break through the $ 7,000 resistance.
Bitcoin’s price is going through a difficult time to recover from the big drop on March 12. Until a few days ago, BTC was well above $ 7k, but in this battle between buyers and sellers, sellers took the lead at the time of publication, as BTC fell again below $ 7k.
Since March 12, this has been the BTC’s fifth attempt to stay above $ 7,000. This suggests a presence of strong resistance at $ 7k, which would require more momentum from buyers to keep the currency above resistance.
On April 10, when the BTC fell 5.35% in 4 hours, two more candles were formed. One was a green candle, indicating buying pressure; however, this was overcome by the sellers in the next hour producing a long red candle and its wick was as low as $ 6,867.63 at the time. The fall at 05:00 UTC triggered liquidations in the amount of $ 16 million in a single hour. However, BTC has witnessed outbreaks of sale and purchase settlements in the market for 24 hours.
According to data provider Skew, a total of $ 40 million in settlement took place on the BitMEX exchange. After several weeks, Sellers were in full swing, as they totaled $ 37 million in long sales, compared to just $ 3 million in short sales. This indicated that sellers in the market have an advantage and were pushing the price of BTC down.
Despite an unstable market, BTC futures contracts have seen a spike in Open Interest [OI] in the market. In addition to the general market, the futures CME BTC and Bakkt BTC recorded an increase in IO and volume after the fall.
As of April 10, Bakkt was at $ 6.5 million, while the volume was close to $ 13 million. On the other hand, CME BTC futures were ahead with $ 179 million in OI and a daily volume of $ 110 million.