Bitcoin's price has been struggling to close above $70,000, resulting in substantial liquidations for long traders. Despite this, overall market sentiment remains optimistic as traders believe in Bitcoin's potential for further gains. Recent long liquidations totaling $50 million reflect the challenges of maintaining price support near $70,000 and have impacted investor sentiment. However, many long traders are holding their positions, indicating confidence in Bitcoin's ability to overcome challenges. Open Interest has reached an all-time high of $32.9 billion, suggesting strong engagement from traders. Bitcoin is currently trading at $67,007 and is approaching a potential breakout from a descending wedge pattern, which could lead to a rally towards $73,000 and potentially even $88,185. However, $67,000 is a critical support level, and a failure to hold it could push BTC down to $65,000, challenging the bullish outlook.
- Content Editor ( beincrypto.com )
- 2024-10-26
Bitcoin Open Interest Hits $33 Billion All-Time High Amid Price Drop