The recent increase in Bitcoin's price is overshadowed by the significant increase in open interest (OI), indicating higher trading activity and investor interest. The rise in OI suggests increased expectations of volatility and participation in the derivatives markets. Despite the high OI, funding rates remain low, suggesting a balanced market sentiment. Bitcoin's strong trading volume supports the argument for consistent momentum. Ethereum, on the other hand, saw a minor decline in its open interest. Important support and resistance levels for Bitcoin are at $97,000 and $105,000, respectively. A failure to hold support could result in a pullback, while breaking the resistance could lead to a test of $110,000. The overall rising price action and OI of Bitcoin position it to outperform other cryptocurrencies in the future, with traders advised to monitor funding rates and volume spikes for trend strength.



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