Bitcoin price in India has experienced a 5.6% drop in the past week, breaching the $80,000 support level for the first time since November 9, 2024. Glassnode data shows a 64% increase in Bitcoin futures volume during the same period, indicating a shift in market activity. While this rise suggests heightened interest, a closer look reveals a more intricate scenario. Open interest in Bitcoin futures has decreased by 19% in the last two weeks, implying that some traders are closing positions to secure profits or manage risks amid a bearish market sentiment. Total crypto liquidations amounted to $2 billion between April 6 to April 8, reinforcing a cautious trading approach. The combination of these factors hints at a transitional phase for Bitcoin, with futures volume growth potentially signifying the start of an accumulation period. However, the decline in open interest reflects a risk-averse stance among traders due to ongoing macroeconomic uncertainties. The convergence of futures volume and open interest could determine the future market direction, with a failure to recover indicating a bearish trend and a rise alongside open interest and trading volumes suggesting an accumulation phase followed by a possible uptrend. In contrast, spot Bitcoin ETF outflows have remained modest, signaling resilience in Bitcoin’s institutional investor base despite the recent market turmoil. Unlike equities, Bitcoin ETF outflows have been minimal, indicating institutional confidence in Bitcoin as a hedge or a long-term investment. This article provides insights into the evolving dynamics of the cryptocurrency market and does not offer investment advice.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price in India has experienced a 5.6% drop in the past week, breaching the $80,000 support level for the first time since November 9, 2024. Glassnode data shows a 64% increase in Bitcoin futures volume during the same period, indicating a shift in market activity. While this rise suggests heightened interest, a closer look […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[25],"tags":[],"aioseo_notices":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":""},"author_info":{"display_name":"","author_link":"https:\/\/vanillanews.com\/index.php\/author\/"},"category_info":"JUST IN<\/a>","tag_info":"JUST IN","comment_count":"0","_links":{"self":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/95648"}],"collection":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/comments?post=95648"}],"version-history":[{"count":0,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/posts\/95648\/revisions"}],"wp:attachment":[{"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/media?parent=95648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/categories?post=95648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanillanews.com\/index.php\/wp-json\/wp\/v2\/tags?post=95648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}