Bitcoin is trading at $64,091 as of Thursday, but the technical picture is getting uglier. The asset sits below every meaningful moving average, and the MACD has flatlined at deeply negative levels. Worse, open interest on derivatives exchanges continues to climb even as spot prices fall — a textbook bearish divergence that often precedes a sharper move lower.
Open interest tells a worrying story
When open interest rises alongside price, it signals new money coming in on the long side. When it rises while price drops, it suggests shorts are piling in — or that trapped longs are adding leverage to defend positions. The current setup leans toward the latter. Analysts tracking the divergence note that similar patterns in the past have led to a flush before any sustainable recovery.
Technical levels under pressure
The lack of any moving average support means there's no natural floor until old demand zones. The article we're drawing from predicts Bitcoin will test the $61,994 level before any potential bullish reversal. That's roughly 3% below current prices — not a catastrophic drop, but enough to liquidate over-leveraged longs. The MACD's flatline suggests momentum is exhausted in both directions right now, which makes a sudden move more likely than a slow grind.
What comes next
The immediate question is whether $61,994 holds or becomes a stepping stone lower. That level corresponds to a prior consolidation zone from late May. If it breaks, the next major support sits around $59,000. On the flip side, a bounce from $62K would need to reclaim the 50-day moving average — currently near $66,500 — to convince anyone that the trend has turned. No major economic data or regulatory events are scheduled for the rest of this week, so the move will be driven by positioning and liquidations.
