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Bitcoin open interest passes $15B as analyst warns of 20% BTC price dip
The highest Bitcoin open interest levels in over six months come as analysis predicts that BTC price action will fail to flip $36,000 this week.
Data from Cointelegraph Markets Pro and TradingView showed BTC price struggling to reclaim $35,000 as support.
The largest cryptocurrency lacked clear direction into the Wall Street open, but market participants predicted that volatility would soon return.
The reason, they said, was a sharp increase in open interest (OI) on derivatives markets.
“Almost 10k BTC (~$350MM USD) in open interest added today. Fireworks soon,” financial commentator Tedtalksmacro predicted on Nov. 7.
As Cointelegraph reported , open interest reaching elevated levels has coincided with bouts of volatility in recent months.
Current levels totaled nearly $15.5 billion at the time of writing, per data from CoinGlass. James Van Straten, research and data analyst at crypto insights firm CryptoSlate, described the fluctuations as “noticeable.”
Read More: https://cointelegraph.com/news/bitcoin-open-interest-15b-analyst-warns-20-btc-price-dip
The highest Bitcoin open interest levels in over six months come as analysis predicts that BTC price action will fail to flip $36,000 this week.
Data from Cointelegraph Markets Pro and TradingView showed BTC price struggling to reclaim $35,000 as support.
The largest cryptocurrency lacked clear direction into the Wall Street open, but market participants predicted that volatility would soon return.
The reason, they said, was a sharp increase in open interest (OI) on derivatives markets.
“Almost 10k BTC (~$350MM USD) in open interest added today. Fireworks soon,” financial commentator Tedtalksmacro predicted on Nov. 7.
As Cointelegraph reported , open interest reaching elevated levels has coincided with bouts of volatility in recent months.
Current levels totaled nearly $15.5 billion at the time of writing, per data from CoinGlass. James Van Straten, research and data analyst at crypto insights firm CryptoSlate, described the fluctuations as “noticeable.”
Read More: https://cointelegraph.com/news/bitcoin-open-interest-15b-analyst-warns-20-btc-price-dip
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