According to Glassnode data, the open position of Bitcoin perpetual contracts on the Binance platform has dropped to a new 8-month low of over $2.384 billion, with the previous low being $2.561 billion on March 11.

On September 12th, according to Glassnode data, the open interest of Bitcoin perpetual contracts on the Binance platform reached a new 8-month low of 2.384 billion US dollars. The previous low was 2.561 billion US dollars on March 11th.

Bitcoin experienced a drop of over 3% in value on Monday due to concerns that FTX may sell hundreds of millions of dollars worth of cryptocurrency after receiving court approval. FTX has requested permission to liquidate billions of dollars in crypto with a weekly cap of $100 million and the possibility of increasing that limit to $200 million.

September 12th, according to Coinglass data, the entire network liquidated $167 million USD in the past 24 hours, of which long positions were liquidated for $150 million USD, Bitcoin was liquidated for $77.5699 million USD, and Ethereum was liquidated for $33.8199 million USD.

Crypto analyst Michaël van de Poppe believes that altcoins are poised to trend higher after a prolonged period of low prices. According to Van De Poppe, the increasing number of applications for crypto exchange-traded funds (ETFs) suggests that digital assets are gaining strength.

US Senator Ted Cruz recently spoke to Forbes about the growing importance of Bitcoin in the Texas economy. Cruz believes that Texas' appreciation for freedom sets it apart from other states and resonates with digital asset enthusiasts.

Crypto strategist Benjamin Cowen predicts that Bitcoin will experience a single-digit percentage drop before rallying to complete a bearish pattern. He believes that there is a good chance that Bitcoin will drop below its prior low of $24,800 before experiencing a relief rally into the death cross.

Bitcoin, the world's largest cryptocurrency, has experienced a 2% increase in price over the last 24 hours, reaching $26,332 and a market cap of $512 billion. However, this increase may be short-lived as on-chain data provider Santiment reports a surge in exchange deposits, with over 5,000 Bitcoins worth $128.5 million sent to exchanges in the last 24 hours.

The crypto market is displaying bullish signs with Bitcoin and major altcoins experiencing price recoveries. While the Fear And Greed Index remains in the fear zone, it has increased by two points since yesterday. Bitcoin's price is still below $30,000 but has risen by almost 2% in the last day. Ethereum, XRP, and Solana have all seen gains, while Polygon is down by 1.84%.

September 8th, according to OKX market data, Bitcoin rebounded to above $26,000 this morning, with a current price of $26,205, a 24-hour increase of 1.66%.