Bitcoin’s latest dip below $60K signals market stabilization amid geopolitical tensions – Bitfinex
Bitcoin’s (BTC) nearly 10% drawdown last week was a “healthy realignment” that reduced the risks of abrupt price swings in the coming days, according to the latest “Bitfinex Alpha” report.
The pullback, ignited by escalating tensions in the Middle East, briefly took BTC below the $60,000 level before the market stabilized. This caused perpetual contracts’ open interest (OI) to shrink from an overheated $35 billion to a more stabilized $31.8 billion zone.
Notably, the drop in OI correlates with increased spot market selling, triggering a series of long liquidations. The price initially lost its crucial support level at $65,200, followed by a sharp decline as traders exited their positions.
According to the report, the pullback…
