In Eastern time at 6pm on Saturday, Bitcoin has shifted its hands at $112,985 after immersing its low $111,987 from a high of nearly $123,000 in recent weeks at $111,987, with both futures and optional metrics flashing mixed signals over major derivative exchanges.
Bitcoin Dip, but Delibit Traders are still aiming for $140,000 + strike price
Bitcoin fell 4.6% this week, with a market capitalization of $2.23 trillion and a 24-hour trading volume of $363.5 billion. On the daily charts, BTC has been low since mid-July, with consecutive bearish days falling below short-term support.
The hourly chart confirms stable sales pressure and bottoms out at $111,987 during the morning session in the US. Despite the decline, daily doses remain moderate compared to the highly volatile stretches seen in late May to early July. At the same time, the Bitcoin derivatives market is telling a completely different story, from top to bottom.
According to metrics on Coinglass.com, Futures Open Interest (OI) is $80.14 billion across all exchanges. CME and Binance lead with $15.94 billion and $141.2 billion, respectively. Bibit showed the most aggressive one-hour OI increase at +0.31%, with MEXC’s OI rising by 1.32% over 24 hours.
However, the 24-hour liquidation exceeded $577.19 million on Saturday, with Long making up the majority of the damages. Ethereum traders were hit hardest at $185.7 million in both long and short liquidations, followed by $93.67 million in Bitcoin. This suggests that when prices were lowered, multiple long positions were washed away excessively.
Despite the bearish spot action, options traders look optimistic. The call represents 61.8% of all open interest in the BTC options market, with 210,458.73 BTC in the call position and 130,099.39 BTC in the put. However, over the last 24 hours, volume shifted more evenly, with 54.99% at 45.01% on calls, reflecting short-term defensive positioning.
High profit negotiation prices include a $140,000 call (10,616.4 BTC in OI) on December 26, 2025, as well as a $200,000 call (8,685.7 BTC). This shows confidence in the long-term benefits despite the struggle for BTC to hold the $112K level.
The oscillator becomes weaker from neutral and bearish. The relative strength index (RSI) is 40, and the MACD level indicates selling. The Commodity Channel Index (CCI) is highly negative at -293 and is often interpreted as a potential purchase zone. The momentum reverses to -6,171, suggesting that the downward force is at work.
Moving averages are mixed. All simple, exponential moving averages for 10, 20 and 30 days are flashing sales signals. However, 50, 100, and 200-day SMA and EMA are referring to a long-term upward trend at $99,213 for the 200-day SMA and $100,471 for the EMA.
Bitcoin is navigating technical modifications amid solid derivative activity and heavy long liquidation. Short-term indicators suggest more space to shortcomings, while options and long-term moving averages suggest underlying bullish sentiment.
Whether BTC is consolidating or continuing its decline may depend on the rebalancing of macroeconomic data and derivatives early next week.
