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Bears pushed Bitcoin down below $20,000 as macroeconomic concerns continued to weigh heavily. Meanwhile, derivatives traders are indicating a pessimistic outlook.
Bitcoin bears have driven the price down below $19,600 in the last hour, wiping off the majority of yesterday's gains. The next level of assistance is at $19,200.
Previous instances of psychologically losing the $20,000 threshold have resulted in recovery in that area. However, due to macro worries, such as runaway inflation and the Fed's apparent incapacity to address the issue, some experts predict BTC to go below the previous $17,600 local low, which was reached on June 18.
Meanwhile, according to Glasscoin, the decline was accompanied by the liquidation of $20.28 million in longs. On August 29, $9 million in shorts were liquidated due to choppy price activity.
Bitcoin market interest
For August 31, data from Glassnode on Deribit's Bitcoin Open Interest by Strike Price indicates puts at $19,500 as the most favored call by traders.
The strike price is the price at which a put or call option may be executed, indicating that traders anticipate the BTC price falling below $19,500 and intend to sell their contract holdings.
Similarly, as shown in the figure below, the Put/Call ratio has been progressively increasing in recent weeks, indicating pessimistic sentiment among derivative traders.
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