Bitcoin Open Interest Surges to $35 Billion, Raising ……

“BTC open interest (OI) has surged, exceeding $35 billion, a level that has historically correlated with local price peaks,” Bitfinex analysts declared in an Oct.

Bitcoin OI has fallen approximately 9% since crossing the $35 billion mark. Source: CoinGlass

On Sept. 27, Bitcoin OI reached $35.52 billion, the highest since June 7 when it clocked $37.69 billion, according to CoinGlass data.

At that time, Bitcoin was trading near its all-time high, at $70,759, before pulling back nearly 18% over the next 30 days to $58,239.

The analysts argues that this “raises concerns of potential market overheating.”

The pullback is within a range that Bitfinex analysts believe won’t derail the bullish momentum.

“A modest 5-10 percent pullback could reset OI without disrupting the overall uptrend,” they opined.

In its latest bulletin to Telegram channel subscribers, trading firm QCP Capital noted that crypto was “hit much harder” than oil and equities.

“We seem to have found some support at the 60k level, but further escalation could push us much lower, possibly to the 55k level,” it forecast.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.