The data shows that the open interest of Bitcoin has recorded a sharp increase as the price of encoded currency has recovered more than $ 87,500.
Bitcoin’s open interest increased by more than $ 2 billion
He also indicated by the Marton Community Analyst in Jadid mail On X, the open attention to bitcoin rose over the past day. “Open benefit” here refers to an indicator that measures the total amount of BTC related situations that are currently open to all derivative exchanges.
When the value of this scale rises, this means that investors open new sites in the futures market. In general, the total leverage rises in the sector when new sites appear, so this type of direction can stimulate fluctuations at the price of the original.
On the other hand, the fiery indicator involves that their holders either close their will or are liquidated by force by their platform. Whatever it is, this financial flow can provide more stability for the encrypted currency.
Now, here is the graph that the analyst, who shows how Bitcoin has changed over the past 24 hours or so:
The value of the metric appears to have gone through an increase | Source: @JA_Maartun on X
As shown in the graph above, Bitcoin’s open interest witnessed a sharp rise in this window. The increase in the index came with the currency price recovery to the level of $ 87500.
This is not very surprising, as the price is usually calling for a speculative cryptocurrency. What may be a source of anxiety, however, is the volume of the height that the scale noticed.
Maartunn also highlighted in the scheme, the open interest increased by more than two billion dollars during the past day, translating into a percentage of more than 8.3 %.
This tremendous increase, despite the fact that Bitcoin has already seen qualifiers of about $ 76 million in this period, as data from Coinglass He appears.
The heatmap for the liquidations in the cryptocurrency sector | Source: CoinGlass
Coins that depend on the leverage like this tend to not continue because the basic conditions in which there are generally unstable. The reason behind this instability lies in the fact that the positions learned can end easily with filtering.
The situations that come during the noise of the assembly are often nullified, and even if it is not, the filter point is usually lies at a high level within the assembly. This means that it can be completely vulnerable to any declines that occur.
When you find these filter situations, they again feed in the decline in prices that have prolonged their length. It is likely that it ends with something similar to this last gathering of Bitcoin as well, but it remains only to see how things end.
BTC price
The Bitcoin Recovery race has been cold over the past few days, but it seems that the past 24 hours have restored the upscale momentum as the currency has managed to rise by more than 3 %.
Looks like the price of the coin has shot up | Source: BTCUSDT on TradingView
Distinctive image from dall-e, coinglass.com, coinalyze.net, chart from TradingView.com
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