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Bitcoin could face a deeper decline if it falls below $83,000, as newly opened long positions entered above that level may be unwound, on-chain analyst Axel Adler Jr. said in a blog post.
He said buy pressure in the BTC futures market had climbed to its highest level since Aug. 19, while open interest increased by about 8,900 BTC over the past 24 hours. Over the same period, BTC rose from $83,400 to $85,300. Even if buy pressure slows, holding above $85,000 could signal the market is preserving those gains, Adler said.