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The open interest in Bitcoin remained on the high side despite the low prices, indicating that interest in the leading cryptocurrency by the maximum market is still abundant. There is no doubt that this interest is good for the encryption market, especially in the long run. But if we look back in the previous directions that involve Bitcoin’s open attention, it relates that the value is still very high, and this may hinder the recovery of the bitcoin from here.
Bitcoin’s open interest is still 56 billion dollars
Data from Coinglass He appears Bitcoin is still very high and not far from its highest level in November 2024 after the BTC price reached a new peak of more than $ 109,000. This high open interest constantly indicates that traders are still taking significant positions in digital assets despite the low price of more than 20 % since then, which may be an obstacle to recovery.
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The total open interest in Bitcoin is currently sitting at $ 56.17 billion, as about 22 % of its highest level has decreased, which is 71.85 billion dollars. This indicates a close relationship between the amount of low price compared to open interest. However, the remaining open attention this high can have some negative effects on BTC price The extension encryption market.
For example, when looking at the graph above, it is clear that Bitcoin has seen its largest movements up when the open attention is low. This indicates that the lack of market pressure gives the bulls the space to pay the price up. Thus, with the open attention is very high, it may be very difficult to pay the price up. Looking at this, the BTC price may see more decrease before there is more recovery from here.
BATC price decreased less than $ 70,000 imminent?
In addition to the remaining open interest, the remaining Bitcoin is also high, at the encryption analyst as well Causes Why can the BTC price see an accident from here. The first factor given is the fake bullish difference. According to the analysis, the relative strength indicator may show a bullish spacing, but the price procedure does not follow. Thus, this can lead to a bull trap, which attracts merchants to losses with low prices.
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Another worker is presented is the fact that the price of bitcoin has broken the direction line support after a decrease to 80,000 dollars. This indicates that the bullish momentum weakens and may not be the last recovery.
Looking at the above factors, the encryption analyst expects Bitcoin price decreases by another 20 % From here. The target is placed at $ 69,149, which is the highest level ever since 2021.
Distinctive image from Dall.e, Chart from TradingView.com
