⚈ The price of the BTC brings $ 100,000 closer, traders providing for a potential bullish break.
⚈ Network activity peaks and supply decreases held by losses, signaling reduced sales pressure.
Bitcoin (BTC) open interest, a metric that follows the number of open derivatives, has reached the highest level that it has been since February.
Currently, nearly 35 billion posts – 34,943,365,869, to be exact, are open, according to data recovered by Finbold from the market analysis platform Cryptocurrency Thursday, May 8.
The increase indicates an important degree of speculative interest among traders, despite (or perhaps because of) the recent Bitcoin price action.
The main cryptocurrency changed hands at a price of $ 99,450 at the time of the press, after taking a step of 2.13% up in the last 24 hours.
Bitcoin open interest indicates that the crucial resistance will soon be retesté
The violation of the key resistance to the bar of $ 100,000 psychologically important would serve as a solid bullish confirmation, potentially sending parabolic BTC prices in the coming weeks.
In tandem, with the recent movement towards the rise, the activity of the Bitcoin network recently reached a summit of 6 months. As the price of cryptocurrency increased, the percentage of the offer held to a loss also has more than divided by two, to 11% at the beginning of May, going from 25% in early April – a development that tends to reduce sales pressure.
A decisive decision above $ 100,000 would also lead to significant liquidations on the short side, a development that would most likely make prices. With a plethora of bulls in play, Bitcoin, which has surpassed the S&P 500 in recent weeks, seems determined to inflict resistance and enter an upward leg.
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