Bitcoin Price Decline, Buyers Gained Momentum Again

In recent days, the price of Bitcoin (BTC) has experienced a decline following the interest rate cut by the United States Federal Reserve (Fed). However, despite this drop, it seems that buyers in the futures market have quickly returned. The increase in open positions and the normalization of funding rates indicate that the market has a strong bottom.

Following the Fed interest rate cut enacted globally, Bitcoin futures have shown resilient performance in response to investor reactions. Research has revealed that the total open interest (OI) has reached $27.2 billion with a slight increase. This situation suggests that liquidations have remained limited and buyers have re-entered the market.

The normalization of previously highly volatile funding rates has contributed to reducing uncertainty in the markets and fostering a more measured sentiment. In the options market, the overall outlook shows a trend towards bullish conditions; however, short-term optimism has slightly waned. The implied volatility (IV) curve maintains a 'backwardation' structure in the short term and a 'contango' structure in the long term.

It is noteworthy that investors continue to pay high premiums for short-term call (buy) options. On the other hand, the put-call volume ratio has remained bullish at 55:44 in the last 24 hours. According to Coinglass data, $821 million worth of positions were liquidated within the last 24 hours. The majority of the liquidations (%79) were long positions, while %21 came from short positions. The highest liquidation occurred in Bitcoin at $368 million, followed by $188 million in Ethereum and other altcoins.

The Binance liquidation map indicates that the $109,700 level could be a critical support point in the event of a potential decline. In addition to all this, the total cryptocurrency market cap has decreased by $80 billion in the last 24 hours, while the TRUMP meme coin, supported by Donald Trump, has drawn attention with a 6.8% increase.

Key points that need to be closely monitored are the critical price levels set for Bitcoin and market sentiment. The reactivation of buyers could be a positive sign for investors. However, it is crucial to consider the developments in the market and the uncertainties.