Journalist
Posted:
- Open interest rises in most assets, with BTC now approaching the next large OI resistance at $ 99k.
- The next step from Bitcoin depends on breaking above the falling trend line that rejected the price 3 times.
Bitcoin’s [BTC] Price movements are still connected in a range just below the level of $ 100k, where the Open Interest (OI) plays a key role in influencing the recent price action.
The OI Screener recently noticed a regime change, which indicates increased participation when the heat folder up on most crypto assets.
In particular, a significant OI-Pivot took place when the price from BTC to the reach of 95,600-95,900 was supported. This pushed BTC to climb to the next cluster of OI resistance.
After this transition, Bitcoin successfully violated the 97,000 level, driven by collecting interest in both long and short positions.
The Brandpunt is now shifting to the range of $ 99,000, where a large OI resistance level is located.
Source: Hyblock Capital
If BTC maintains this momentum and holds the support just below $ 96k, this can dispute the following $ 99,600 to $ 99,900 area. These crucial OI levels are the key to the next step from BTC.
The outcome depends on whether traders will continue to strengthen the current positions or benefit profits. This could introduce increased volatility and test the resistance of $ 99k’s resistance.
What is the next step for BTC after 3 rejections?
The price action of Bitcoin is approaching a crucial moment because it is approaching a break of a falling trend line. This trendline has led to three previous rejections, marked on points above the level of $ 99k.
Bitcoin has recently risen from $ 93.5k to $ 98.4K, with 1.7 million BTC back in wins, as noted by Axel Adler on X (formerly Twitter).
Each rejection at this trendline saw subsequent pullbacks, which tested lower support levels before they tried another rally. BTC is currently approaching this resistance again. The question is whether this attempt will lead to an outbreak or another rejection.
The trendline represents consistent resistance around $ 100k Mark, a psychological barrier. If it is broken, it can indicate a bullish continuation for Bitcoin, which may lead to a move back to his all time of $ 109k and beyond.
Source: Ali/X
On the other hand, it was not able to surpass this barrier that BTC would again see those lower supports, possibly decrease to $ 97,300 or further to $ 90k, as indicated by earlier lows in the pattern at the beginning of February.
A confirmed outbreak or rejection here could set the tone for the Bitcoin market trajectory in the short term.