Bitcoin Drops 2% in 30 Minutes Eyes $82,500 Support

Bitcoin (BTC) experienced a sharp decline during the Asian trading session, dropping by 2% in just 30 minutes. At the time of reporting, BTC was trading at $84,124.00, down 1.5% on the day. The rapid sell-off saw trading volume surge by 8% to $28.9 billion, indicating heightened activity in the market.

Despite the price drop, Open Interest (OI) did not decline significantly and quickly recovered. This suggests that buyers are still active and could help stabilize the price. The immediate support level of $84,500 was breached, with the next key support now at $82,500. If this level holds, there is potential for a rebound that could lead to new yearly highs.

The market's reaction highlights the volatility inherent in cryptocurrency trading, but the recovery in Open Interest may signal confidence among traders that the downside is limited.