Bitcoin open interest reaches its highest since April as BTC price struggles below $35,000.
The highest Bitcoin open interest levels in over six months come as analysis predicts that BTC price action will fail to flip $36,000 this week.The largest cryptocurrency lacked clear direction into the Wall Street open, but market participants predicted that volatility would soon return.Commenting“The CME exchange, preferred by institutional investors, has achieved a new record in open interest, with 105,380 BTC contracts open, valued at $3.68 billion.
“This trend points to increasing involvement in Bitcoin futures, hinting at either a positive shift in market mood or a move towards protective strategies by investors.”The sense of uncertainty over how the OI phenomenon would polay out was shared by J. A. Maartunn, a contributor to on-chain analytics platform CryptoQuant.futures is ramping up. Certain apes are taking significant positions, but it's unclear to me whether they are going short or long.
“Calling a local top at $36k doesn't mean >$36k is off the table this year, but the metrics I'm looking at indicate that at the very least, it's off the table for this week,” part of X analysis on Nov. 6 “That call also doesn't mean price will free fall back to the prior $25k-$28.5k range, but if a bull breakout isn't validated this month, that range low is critical.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Opinion: With Bitcoin’s halving months away, it may be time to go risk-on
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