Bitcoin Retreats Below $82K as Binance Open Interest Surges Past $10 Billion
Bitcoin's recent price action has been closely watched as it approaches the September high of $82,250. Despite reaching this level on September 5th, the cryptocurrency retreated to around $79,600 at the time of writing.
The daily BTC/USD chart shows that Bitcoin remains above its 50-, 100- and 200-day simple moving averages, which are positioned between approximately $66,400 and $69,700. This indicates how far Bitcoin has recovered since August, but also means that these trend references offer little guidance about immediate support near $79,600.
Binance's open interest in Bitcoin futures has increased by nearly 8% in 24 hours, exceeding $10 billion for the first time in six months. However, CryptoQuant's analysis warns that this increase is not solely due to price growth, as the BTC-denominated measure also climbed, indicating expanded exposure.
Whale deposits have also been on the rise, with Binance receiving many of the largest inflows. While these deposits can be used for market making, arbitrage, or custody, their impact on spot demand remains unclear.