BTC open interest shrinks $55B in 30 days as analysts assess price path

On Wednesday, Bitcoin's bid to hold $70,000 remained under strain as futures positioning unwound, with about $55 billion in open interest erased over the past 30 days, according to CryptoQuant. Analysts flagged negative CVD on major derivatives venues and rising exchange reserves since Jan. 19, while views diverge on whether support develops in the high $60,000s or near $50,000.