Bitcoin open interest passes $15B as analyst warns of 20% BTC price dip
The Bitcoin open interest levels are currently at their highest point in over six months. Coinciding with this surge in open interest, analysts are predicting that Bitcoin's price action will not manage to surpass the $36,000 level this week. This combination of high open interest and price analysis suggests that the $36,000 level is acting as a significant resistance point for Bitcoin's price movement.
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Bitcoin (BTC) witnessed a price drop towards $34,500 on November 7, and its ability to reclaim $35,000 as support appeared uncertain. Market participants predicted increased volatility, which was attributed to a sharp surge in open interest (OI) on derivatives markets. The total open interest reached nearly $15.5 billion, with some believing this could indicate either a positive shift in market sentiment or a move toward protective strategies by investors. However, there was uncertainty regarding the effects of such high open interest levels, with some suggesting that historical data showed that when OI surpassed $12.2 billion, it often led to a minimum 20% decline in Bitcoin's price. Some analysts also indicated that $36,000 was likely to remain a price ceiling for the time being. While this didn't rule out surpassing $36,000 in the future, it suggested that this might not happen in the coming week. The key price range to watch was seen as between $25,000 and $28,500.
