An outstanding cryptographic analyst said that Bitcoin He has undergone a significant event in the last few months, because the open interest of the coin has dropped by almost 20%, leveling about $ 12 billion.
Open interest in BTC may seem harmful to the coin, but the Cryptoquant Darkfost analyst believes it Cleansing is necessary In order to “stubborn continuation”, citing that she can provide her with investors in the near future if the story repeats itself.
According to Bitcoin cryptographic analyst, almost $ 12 billion of an open percentage at the beginning of this month can only be a catalyst needed to recover the shoot.
Catalyst
Data from Coumingss It shows that the open percentage of cryptowalus fell by 19%, from 61.42 billion dollars to $ 49.71 billion, citing that a shock of $ 12 billion can be a good thing for Bitcoin.
“After a recent panic caused by political instability related to Trump’s decisions, we witnessed a huge liquidation of bitcoin positioned positions,” said Darkfost.
Source: Coinglass
The analyst stated that over $ 10 billion in open interest was removed in just two months, and about $ 10 billion erased from February 20 to March 4.
Darkfost claimed that Wipeout experienced by BTC at the beginning of this month can serve as a catalyst needed by a coin to recover the momentum, which will allow crypto up.
“This can be considered a natural reset on the market, which is the basic phase of maintaining a stubborn continuation,” explained the analyst.
Good possibilities
Darkfost suggested that a recent Bitcoin attempt may be beneficial to crypto over the next few months.
The analyst presented a chart that shows the reset phases, determining the moments when the 90-day change in the open percentage becomes negative, adding that the current 90-day change of bitcoin bitcoin openures open interests has dropped and now is -14%.
“Looking at historical trends, each next to delevant was good opportunities for short -term and medium -term,” added the analyst.
Impact of the federal reserve
Some experts have found that the federal reserve actions can affect what will happen next to Bitcoin.
Today’s meeting of the Federal Committee of the Open Market can boost crypto variability if there is something unexpected in monetary policy.
The main Bitget analyst Ryan Lee explained that Bitcoin is already floating at USD 80,000, and greater variability can be expected at the price of coin and open interest if the meeting of the Federal Committee on the Open Market Square on March 19 on March 19 will provide all surprises.
“The market largely expects the Fed to maintain a fixed rate, but all unexpected Jastrzębie signals can exert pressure on Bitcoin and other risk assets,” Lee said.
Open Bitcoin interest has been $ 49.02 billion since the press, which is about 6.5% boost in the last five days.
A distinguished picture from The Independent, Chart from TradingView
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