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The Bitcoin Open interest rate has remained on the high side despite the fall in price, which suggests that the interest in the leading cryptocurrency per market capitalization remains abundant. This interest is undoubtedly a good thing for the cryptomarket, especially in the long term. But looking back on earlier trends with regard to Bitcoin’s open interest, it is that the value is still so high and this could hinder a recovery from the Bitcoin price from here.
Bitcoin open interest still above $ 56 billion
Data from the Coinglass website to show That the Bitcoin open interest is still quite high and not far from the highlights of November 2024 after the BTC price reached a new peak above $ 109,000. This consistently high open interest means that traders are still taking significant positions in digital active, despite the fact that the price has fallen more than 20% since then, something that can be an obstacle to recovery.
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The total Bitcoin-open interest rate is currently at $ 56.17 billion and falls around 22% compared to the all times of $ 71.85 billion. This shows a narrow correlation between how much the price has fallen compared to the open interest. However, the open interest that remains so high can have some negative implications for the BTC price And the cryptomarkt by expansion.
For example, if you look at the graph above, it is clear that Bitcoin has seen his biggest movements up if the open interest has been low. This suggests that the lack of market pressure bulls gives the space to push the price upwards. That is why, with the open interest that is so high, it can be much more difficult to push the price higher. Given this, the BTC price could fall further before there is more recovery from here.
BTC Price Crash less than $ 70,000 on your hands?
In addition to the Bitcoin open interest that remains high, a crypto analyst has that too Given reasons Why the BTC price could see a crash from here. The first factor is the fake bullish divergence. According to the analysis, the RSI can show a bullish divergence, but the price action does not follow it. That is why this can lead to a bullfall, so that traders are drawn into losses while the price crashes.
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Another given factor is the fact that the Bitcoin price has broken a trendline support after falling the low $ 80,000. This suggests that Bullish Momentum is weakened and the recent recovery may not be in advance.
Given the aforementioned factors, the crypto analyst expects the Bitcoin -price to decrease another 20% From here. The target is placed at $ 69,149, which is all time from 2021. “This level coincides with the intersection of the mid canal support line and the horizontal price structure,” the analyst explains.
Featured image of dall.e, graph of tradingview.com