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The price of a lion football and players are supple. Each arcu is to ultra -up all children or hatred for football Ullamcorper.
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Open Bitcoin interest remained on the side, despite the drop in prices, which suggests that the interest in the leading cryptocurrency according to market capitalization remains profuse. This interest is undoubtedly a good thing for the cryptocurrency market, especially in the long term. Looking back at previous trends covering the open interest in Bitcoin, it is worrying that the value is still so high, which can make it tough to recover the price of bitcoins from here.
Bitcoin Open interest above $ 56 billion
Data from the Couminglass website can be seen The fact that Bitcoin’s interest is still quite high and not far from the highest in November 2024 at the price of BTC reached a recent peak above USD 109,000. This consistently high open interest means traders still holding significant positions in digital assets, despite the fact that its price has dropped by more than 20%, something that can be an obstacle to recovery.
Total Open Bitcoin interest is currently $ 56.17 billion, and about 22% compared to the highest level of $ 71.85 billion. This shows a strict correlation between how much the price has fallen compared to open interest. However, it will remain so high, which will remain open, may have some negative consequences for BTC price and the cryptocurrency market depending on the extension.
For example, looking at the above chart, it is obvious that Bitcoin saw the greatest upward movement when the open interest was low. This suggests that the lack of market pressure gives the bulls space to exceed the price up. Therefore, with such high interest it can be much more tough to exceed the higher price. Considering this, the BTC price can see a further decline before it is more recovery from here.
BTC price disaster below $ 70,000 inevitable?
In addition to the high interests of Bitcoins, the cryptographic analyst also has The reasons given Why the price of BTC can see the disaster from here. The first factor given is the false discrepancy of the stubborn. According to RSI analysis, it may show a stubborn discrepancy, but the price action does not follow it. Therefore, this can lead to a bull’s trap, attracting traders into losses along with the breakdown of the price.
Another given factor is the fact that the price of Bitcoins broke the support of the trend line after falling to low USD 80,000. This suggests that the stubborn rush weakens, and the recent recovery may not take place.
Given the factors listed above, the cryptographic analyst expects The price of bitcoins has dropped another 20% hence. The target is 69 149 USD, which is the highest in history since 2021. “This level coincides with the intersection of the support line in the middle of the channels and the horizontal price structure,” explains the analyst.
A distinguished picture from Dall.e, chart from tradingview.com
