Bitcoin Open Interest Crashed To 6-Month Low, Here’s What Followed The Last Time
Crypto Analyst Credibull Crypto It has been revealed that Bitcoin’s open interest has fallen to a six-month low. Analysts further explain what happened this time with low open interest, while providing a bullish outlook for flagship crypto.
Bitcoin’s open interest collapses to 6-month low
exist X PostsCreditbull Crypto revealed that Bitcoin’s open interest is at its lowest level in six months. He noted that the last time BTC price opened interest was between $50,000 and $60,000. The analyst also revealed that Bitcoin’s financing rate has just ticked negative. He also noted that the same thing happened when flagship cryptocurrencies traded between $50,000 and $60,000 Rally to $100,000.
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Interestingly, Credibull Crypto asserts that these metrics look “good” overall and further cement his belief that flagship cryptocurrencies have formed the bottom. Indeed, BTC looks like it has formed a bottom as the flagship cryptocurrency rebounds as high as $95,000 after falling Less than $80,000 last week.
Crypto Analyst Ali Martinez It is also recommended that the Bitcoin price find its lowest point. In X’s post, he noted that historically, BTC tends to rebound when the daily relative intensity index drops below 30. He then revealed that RSI sat at 24, indicating that flagship cryptocurrencies have bottomed out and have had a good rebound.
BTC needs to exceed this range to confirm the reversal
But despite Bitcoin’s rebound of up to $95,000, Creditbull Crypto advises market participants not to be too excited. He said unless BTC is cleared Key resistance is about $93,000. The analyst noted that moving up to this range is easy, but the “power” has surpassed it.
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Crypto Analyst Titans of cryptocurrency Similar sentiments were also responded. He said Bitcoin is currently making $94,000, breaking through Kumo Cloud. Analysts added that flagship encryption needs to stay above this price level before confirming a reversal.
However, the cryptocurrency Titans still offer bullish prospects for Bitcoin prices, suggesting a possible reintegration that could bring flagship cryptocurrencies to the marking phase. His accompanying chart shows BTC may gather When entering this marking phase, it exceeds $126,000.
Meanwhile, Martinez revealed that according to ASORP metrics, the Bitcoin Bull run is still intact. He also said global liquidity has risen again, and as BTC lags behind the metric, analysts noted that this could mark a unique buying opportunity.
At the time of writing, the Bitcoin price was trading at about $91,000, up more than 6% in the past 24 hours. data From CoinMarketCap.
Featured images from Istock, charts from TradingView.com
