The Bitcoins price campaign over the past week was largely redemptile, because the most critical cryptocurrency regained its place above the psychological sign of 100,000 USD. This recent explosion of a stubborn momentum reflects vigorous moods among investors.
On Friday, May 15, the Bitcoins price reached even USD 103,800 – the highest level from January. However, the latest chain data shows the lack of investors’ activity on the derivative instrument market, usually evident when the BTC value reaches this level.
BTC Rally price, which is to find a road blockade?
In the last post on the Social Media Platform X, cryptocurrency platform alprakta common that the open interest (OI) has not fully moved to the tandem with the Bitcoin price in the last few days. The open percentage indicator measures the total amount of money coming to BTC derivatives at a given moment.
The growing open interest is often considered a stubborn signal for the most critical cryptocurrency, especially since it suggests a fresh inflow of capital to the market. Ultimately, this trend suggests improving the mood of investors and the growing trust of traders.
According to alpractal data, the current aggregate OI for Bitcoin (worth around USD 103,000) is around 61.3 billion USD. The last time BTC was at this monumental price, open interest was over $ 68 billion.
Source: @Alphractal on X
With the current open percentage of Bitcoin less than OI, the last price was USD 103,000, the Alpraktal noticed that this trend suggests a lower lever and reduced activity on the largest cryptographic market. The analytical company also explained that this phenomenon may be due to the last waves of liquidation or closure of the position.
In the post on X, Alfraktal revealed other reasons why the price of flagship cryptocurrency can be threatened with a compact -term correctional movement. Appropriate support in the chain, this bear is the sentiment of the whale location.
The whaling location indicator tracks both the directional attitude and the commercial behavior of gigantic owners. It usually reflects the net positioning of whales, their market moods, as well as changes in open positions.
Chart showing a decline in the Whale Position Sentiment from 1 to around 0.7 | Source: @Alphractal on X
The alpraction stated that the decrease in whale moods reflects the interest of gigantic investors with closing long positions, thus changing market moods. If the record is still falling, the analytical company in the chain concluded that this could lead to price stagnation or, worse, correction.
Bitcoin price at first glance
In this letter, the price of BTC is 103,035 USD, which reflects the unprecedented traffic within 24 hours. While the recent stubborn rush suggests that the most critical cryptocurrency can achieve novel all time in the coming days, investors may want to be careful, taking into account the last observations in the chain
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Recommended photo from Istock, chart from TradingView
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