Bitcoin's Open Interest spikes despite market volatility. Traders take new positions as BTC approaches key resistance at $63,400.
Despite this, Open Interest in Bitcoin Futures has maintained high levels, and a notable spike has even been seen in recent days, signaling continued trader interest.However, the percentage reduction in Open Interest across the top three perpetual exchanges remained below 5%, indicating that the substantial impact did not lead to a dramatic market collapse.This highlighted the market’s resilience, which, even amidst heightened volatility, could continue to affect leveraged traders.
This figure has dropped to $15.3 million per week in recent weeks, reflecting a significant reduction in speculative, long-biased trades as the market entered a range-bound phase.Open Interest, which was around $17.5 billion on the 10th of October, surged to over $19 billion by the 12th of October.This renewed interest from traders is largely attributed to Bitcoin’s recent price increase, which pushed the cryptocurrency above the $63,000 mark.
This rally also pushed the price above the 50-day moving average , which had previously served as a significant resistance level.However, Bitcoin was now facing tougher resistance at its 200-day moving average , positioned around $63,400.
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