Bitcoin price eyes $26,000 as open interest hits highest level since August dump

Bitcoin price has broken below the critical support at $27,260 bringing $26,000 in sight as momentum continues to fade. Meanwhile, open interest has recorded a new multi-month high at $12.37 billion, the highest seen since the August dump. Analysts anticipate a big move owing to the open interest levels, with longs likely to suffer. ons on history and technicals as will be discussed below.

Bitcoin eyes retest of $26,000 psychological level Bitcoin price is down almost 3% in the last 24 hours and almost 5% in the last three days. The move has seen BTC lose the critical support at $27,260, with prospect for a continued slump as the Relative Strength Index has recorded a solid move below the 50 level. The Awesome Oscillator indicator also corroborates the thesis, with red histogram bars abounding as it slowly edges towards the midline.

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