"Data from CoinGlass show that bitcoin futures open interest climbed earlier in the day toward $60 billion across major trading venues including Binance, CME, and Bybit. The increase suggests fresh leveraged positions are entering the market, rather than mere short-covering. Rising open interest alongside higher prices does not necessarily signal immediate trouble. But it does heighten the stakes. If momentum stalls, crowded long positions could unwind rapidly, prompting steep pullbacks. Conversely, if the rally holds, leverage could amplify upside potential."
"Support for the bitcoin price remains near $84,000, a level that has proven resilient in recent weeks. Immediate resistance lies at $91,400, with the next key level at $94,000. Beyond $94,000, analysts point to $98,000 and a zone between $101,000 and $108,000 as strong resistance. Closing above $108,000 could challenge assumptions that bitcoin price's 2025 peak marks a long-term top, according to Bitcoin Magazine analysis."
Bitcoin rallied from about $88,000 to briefly exceed $90,000 during European and U.S. afternoon trading before retreating near $88,000 by late afternoon. BTC has tended to gain momentum during Asian and European hours, with advances often fading when U.S. investors re-enter. CoinGlass showed bitcoin futures open interest climbed toward $60 billion across Binance, CME, and Bybit, indicating fresh leveraged positions rather than mere short-covering. Rising open interest with higher prices increases the risk that stalled momentum could trigger rapid unwinds of crowded longs, though sustained rallies could see leverage amplify upside. Key support sits near $84,000; resistances at $91,400, $94,000, $98,000, and $101,000–$108,000. The U.S. macro environment and Federal Reserve policy uncertainty remain significant influences.
Read at Bitcoin Magazine
Unable to calculate read time
Collection
[
|
...
]