Bitcoin has seen a recovery of more than $ 99,000 recently, but the trend in open interest may raise concerns about the longevity of the increase.
Bitcoin's open attention increased alongside another gathering
In new mail In X, Cryptoquant Maartunn community has talked about the direction in the open attention to Bitcoin with another side that collects prices. “Open interest” here refers to an indicator that tracks the total amount of BTC situations currently open to all derivative exchanges.
When the value of this scale rises, this means that user derivatives open new sites. In general, the total amount of leverage in this sector rises with the emergence of new sites, so this type of direction can lead to a higher volatility of the original price.
On the other hand, the value of the indicator that records a decrease means that the bearer either closes sites of their own will or gets a liquidation by their platform. The cryptocurrency may work more stable after such a financial flow.
Now, here is the graph that the analyst shares, which shows the direction in the open interest, as well as changing the percentage for 24 hours, during the past week:
The value of the metric appears to have shot up during the past day | Source: @JA_Maartun on X
From the above graph, it is clear that Bitcoin's open interest has seen a rapid increase to another side of the currency price. In peak, the 24 -hour percentage changing the 7.2 % sign, which is very important.
Although it is normal for speculation activity to follow a sharp step in the cryptocurrency, it can be a disturbing sign of it. This is because in a high -value environment, the chances of a comprehensive liquidation event can become noticeable.
In theory, the fluctuations arising from the chaos of this derivative market can take the cryptocurrency in either direction, but the open attention screws that accompany the gatherings are usually resistant to it. Thus, it is possible to relax the last bitcoin collection in a volatile way.
The trend in open attention is not the only one that indicates that volatility can come to the original, as the Glassnode Analysis indicated in X mail.
The trend in the BTC Realized Volatility over the past few years | Source: Glassnode on X
The graph that the Analysis Company shares is for the fluctuations that have been achieved for one week, which is an indicator that tracks the percentage of change between the highest and lowest points in the price of bitcoin registered during the past seven days.
As shown in the graph, the value of the scale has decreased recently, which means that the original has been circulated within a very narrow range. “In the past four years, it has decreased only several times – for example, October 2024 (22.88 %) and November 2023 (21.35 %),” explains Glassnode. “Similar pressure in the past led to the main market movements.”
BTC price
After a leap of about 2 % in the past 24 hours, Bitcoin has again recovered above the level of $ 99300.
Looks like the price of the coin has been marching up in recent days | Source: BTCUSDT on TradingView
Distinctive image from Dall-e, Glassnode.com, Cryptoquant.com, Chart from Tradingview.com
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