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Web3 & Blockchain

Bitcoin oscillates near $86,000 as rally narrows and bearish derivatives signals increase

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Bitcoin oscillates near $86,000 as rally narrows and bearish derivatives signals increase

PANews reported on September 23, citing CoinDesk, that Bitcoin oscillated near $86,000 on Wednesday, following a breakout move on Monday. Data shows BTC is now trading at around $86,379, up 1.3% over 24 hours, while intraday trading volume fell 36% to $38 billion. The CoinDesk 100 Index rose 0.67%, but 38 of its constituent assets declined intraday, indicating the recent rally has clearly narrowed.

In derivatives, crypto futures trading volume fell 21% over 24 hours to $227 billion, open interest (OI) edged up 1% to $159.4 billion, and the share of active seller trades rose to 51%; Binance's USDT margin lending rate climbed to 5.49%, near multi-month highs. BTC OI remained roughly flat at around 710,000 coins, and the whale long/short position ratio declined, with the overall picture closer to reducing positions than turning short. In the options market, open interest in call options at the $90,000, $95,000 and $100,000 strike prices is increasing, while $75,000 and below is viewed as a relatively strong support zone.



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