CandleFocus $70 Billion Bitcoin (BTC) OI Surge or $100,000? Who's First?
2024-11-24
Author: Content Editor
Bitcoin's open interest has reached a new record of $70 billion, indicating increased market activity and traders preparing for significant price movements. The surge in open interest suggests both speculative activity and confidence in Bitcoin's momentum. The price chart shows Bitcoin breaking out of a previous downward trend and currently trading close to $98,000. Resistance at $100,000 is expected, but a break above could lead to a test of $105,000 or $110,000. However, the surge in open interest also poses risks, including potential cascading liquidations and abrupt corrections. Support levels at $85,000 and $72,000 are important to watch.
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