Is Bitcoin Really Ready to Surge?
There’s been a lot of buzz lately about Bitcoin’s open interest reaching a new all-time high. But hold your horses! A data analysis platform called Alphractal says that’s not quite true.
Open Interest Still Lagging
Open interest is a key indicator that shows how many Bitcoin futures or options contracts are out there. While it’s been growing lately, it’s still below the peak it hit back in 2021.
Alphractal says they looked at data from multiple exchanges and found that the open interest is currently at $41.92 billion, just shy of the all-time high of $42.25 billion.
A Cautious Market
This suggests that while investors are getting more optimistic about Bitcoin, they’re still being cautious.
What’s Next for Bitcoin?
Bitcoin has been on an upward trend lately, and some experts are optimistic about a big rally. However, a crypto trader named Rekt Capital warns that Bitcoin could face a retest in the coming days.
He says that Bitcoin is approaching a key resistance level and has failed to break through it in the past. If it can break through this time, it could lead to a new all-time high. But if it fails, it could mean a dip in price.
Stay Tuned
So, while Bitcoin’s open interest is getting close to its peak, it’s not there yet. It’s still too early to say whether Bitcoin is ready for a big surge. We’ll have to wait and see what happens in the coming days.
