","button_title":"Play-to-Earn Game List","span_one":"No obligations","span_two":"Free to use"}},"header":{"homepage":"Homepage","Game Reviews":"Game Reviews","Game List":"Game List","Developers":"Developers","Developer List":"Developer List","Gaming News":"Gaming News","search":"Search","local":"en","Popular P2E Developers":"Popular P2E Developers","Play To Earn Games":"Play To Earn Games","P2E Games":"P2E Games","Crypto Games":"Crypto Games","Web3 Games":"Web3 Games"},"meta":{"title":"Games to Earn, Blockchain, NFT, P2E Games List","description":"Play hundreds of games! Games to Earn, P2E, Blockchain, NFT, Crypto, Web3 Games. Read game reviews and start playing right away. Play now!","ogType":"article","keywords":"NFT Games, Crypto Games, Earning Games, Earning Games, Blockchain Games, P2E Games"}}},"initialLocale":"en","ns":["news_letter","singleNews","singleGame","footer","common","header","meta"],"userConfig":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true,"default":{"i18n":{"locales":["en","hi","fr","es","de","pt","nl","tr"],"localeDetection":false,"defaultLocale":"en","domains":[{"domain":"playtoearngames.com","defaultLocale":"en"},{"domain":"hi.playtoearngames.com","defaultLocale":"hi","locales":["hi-IN"]},{"domain":"fr.playtoearngames.com","defaultLocale":"fr","locales":["fr-BE","fr-CA"]},{"domain":"es.playtoearngames.com","defaultLocale":"es","locales":["es-GT","es-MX"]},{"domain":"pt.playtoearngames.com","defaultLocale":"pt","locales":["pt-BR"]},{"domain":"de.playtoearngames.com","defaultLocale":"de","locales":["de","de-DE","de-AT","de-CH"]},{"domain":"nl.playtoearngames.com","defaultLocale":"nl","locales":["nl-BE"]},{"domain":"tr.playtoearngames.com","defaultLocale":"tr"}]},"trailingSlash":true}}}}Bitcoin's Downfall Predicted as Open Interest Continues to Rise - Play to Earn Games News
bitcoin's recent price action has caught the attention of crypto analysts, particularly with the continued rise in open interest (OI) for bitcoin futures. According to CoinGlass, the total OI for bitcoin futures has reached $29 billion and has been steadily increasing over the past week.
This surge in OI comes at a time when bitcoin's spot price has seen a 5% decline in the last two days, creating an interesting dynamic in the market. CoinGlass noted that the OI has not yet adjusted to reflect the price drop, signaling potential further downside for bitcoin.
Market Leverage and Price Movements
As open interest rises, both long and short positions increase, adding more leverage to the market. This increased leverage can amplify price movements in either direction, leading to potential volatility in bitcoin's price.
Notably, a similar setup in the past triggered a significant price drop in bitcoin, indicating that the current market conditions could result in further downside for the cryptocurrency. CoinGlass suggested that there may be "room to fall" based on the data and trends observed.
Further reinforcing the bearish sentiment, CoinGlass highlighted that funding rates are currently negative. Negative funding rates incentivize short positions over long positions, as traders can profit from the cost of maintaining long positions.
Options Expiry and Price Volatility
Additionally, a significant crypto options expiry event is expected to occur, with around 24,000 bitcoin contracts set to expire today, representing a notional value of $1.4 billion. While these expiries may have a limited impact on spot markets, the buildup of large leveraged positions could lead to increased price volatility.
Analysts have differing opinions on bitcoin's future price movements, with some predicting lower lows before a potential rally. Investor confidence in bitcoin appears to be recovering, as evidenced by a shift towards HODLing behavior among bitcoin owners.
This shift towards accumulation by long-term holders could indicate that the market is entering a phase of accumulation, potentially setting the stage for a more sustained recovery in the future.
Long-Term Outlook and Investor Confidence
Despite uncertainties surrounding bitcoin's short-term price movements, investor sentiment towards the cryptocurrency seems to be gradually improving. Analysts have varying views on bitcoin's future trajectory, with some seeing potential for further downside, while others view current levels as attractive entry points.
Overall, the market remains dynamic and unpredictable, with potential for significant price movements in the near term. As the crypto space continues to evolve, staying informed and adaptable is key for investors and traders navigating the volatile market environment.
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pepe ($pepe) Leads meme coin Market with 9 5% Crash Overnight
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