The BTCUSDT Perpetual Futures pair is currently trading at $94,278.40, reflecting a -1.58% decline in the last 24 hours. The mark price is at $94,280.20, which closely aligns with the last traded price, showing market efficiency. The 24-hour trading range shows a high of $96,266.60 and a low of $94,116.40, indicating increased volatility. The 24-hour volume is extremely high at 94,107 BTC, equivalent to about $8.97 billion, suggesting heavy trading activity.
Technically, the market is showing clear bearish momentum. BTC has broken through recent support levels, falling sharply with strong red candles. The Moving Averages further confirm the downtrend — the 7-period MA is at $95,253.20, the 25-period MA at $95,526.90, and the 99-period MA at $96,055.20, all sitting above the current price and acting as resistance.
The RSI (6) is extremely low at 16.2, which places BTC well into the oversold territory, suggesting a potential for a short-term relief bounce. However, the massive volume spike in red candles signals strong selling pressure, likely from liquidations or panic selling in the market.
In summary, the BTCUSDT perpetual futures market is in a strong downtrend, supported by high selling volume, a breakdown of key support levels, and very low RSI. While a short-term rebound could occur due to oversold conditions, caution is warranted as the overall trend remains bearish unless BTC reclaims key moving averages or forms a strong reversal pattern.
