On Saturday at 6 PM Eastern Time, bitcoin was trading at $112,985 after dipping to a daily low of $111,987 from a recent high near $123,000, with both the futures and options indicators showing mixed signals on major derivatives exchanges.
Bitcoin Declines But Deribit Traders Still Target Strike Prices Above $140K
Bitcoin decreased 4.6% this week with a market capitalization of $2.23 trillion and a 24-hour trading volume of $36.35 billion. On the daily chart, BTC has been in a downtrend since mid-July, with consecutive down days pushing it below short-term support.
The hourly chart confirms steady selling pressure, hitting a low of $111,987 in the morning session in the U.S. Despite the decline, daily volume remains average compared to the high volatility periods seen in late May and early July. Meanwhile, the bitcoin derivatives market tells a completely different story from start to finish.
Open interest (OI) reached $80.14 billion across all exchanges, according to coinglass.com. CME and Binance lead with $15.94 billion and $14.12 billion, respectively. Bybit showed the strongest 1-hour OI increase at +0.31%, while MEXC's OI rose 1.32% in 24 hours.
However, liquidations in 24 hours peaked at $577.19 million on Saturday, with long positions suffering the majority of the losses—$514.50 million compared to $62.70 million in short positions. Ethereum traders were the hardest hit with $185.7 million in both long and short positions, followed by bitcoin with $93.67 million. This indicates that over-leveraged long positions were liquidated as prices slid.
Despite the declining price action, option traders remain optimistic. Calls account for 61.8% of the total open contracts in the BTC options market, with 210,458.73 BTC in call positions compared to 130,099.39 BTC in put positions. However, in the last 24 hours, the volume has shifted more evenly, with 54.99% for puts and 45.01% for calls—reflecting a short-term hedging chain.
High-interest strike prices include the call on December 26, 2025, priced at $140,000 (10,616.4 BTC in OI) and even a daring call at $200,000 (8,685.7 BTC). This indicates confidence in the long-term upward trend, even as BTC struggles to hold the $112K level.
The fluctuations lean towards neutral to weak and are no longer stable. The Relative Strength Index (RSI) is at 40, while the MACD level is signaling sell. The Commodity Channel Index (CCI) is deep in negative territory at -293, often considered a potential buying zone. Momentum has shifted to -6,171, indicating ongoing downward pressure.
The moving averages are mixed. The simple and exponential moving averages for 10, 20, and 30 days are all signaling sell. However, the 50, 100, and 200-day SMAs and EMAs still point to a long-term upward trend, with the 200-day SMA at $99,213 and the EMA at $100,471.
Bitcoin is navigating a technical correction amid solid derivatives activity and heavy long liquidations. Short-term indicators suggest there is still room for decline, while options and long-term moving averages imply an upward trend in the background.
