Bitcoin (BTC) Open Interest (OI) is High, But Will the Token be Able to Sustain Optimistic Resistance Margins?

Open interest in Bitcoin ($BTC) is high. This has sparked a series of questions regarding the token's ability to sustain optimistic resistance margins.

Bitcoin (CRYPTO: BTC) open interest is high, sparking questions on the token's ability to sustain optimistic resistance margins.

One theory that has come forward states that the Open Interest, or OI, is high because short positions are greedy. The theory further states that shorts have around $8 billion, while long positions have just more than a billion dollars on their side.

Many are now expecting the trend to mirror the pattern of April–May 2024.

Bitcoin’s profit supply has dipped to 76%. Earlier reports put it at 100% in March of this year. This dip has reportedly brought opportunities for crypto enthusiasts to buy the token. Long-term holders have no intention of selling a portion of their BTC holdings.

The aforementioned viewpoint originates from a Quick Take article published in CryptoQuant.

The current price of BTC is $60,734.52, a decrease of 1.25% over the past 24 hours. It further reflects a drop of 7.63% and 11.66% in the last 7 days and 30 days, respectively. There has also been a notable decrease in market cap and 24-hour trading volume.

This has barely affected Bitcoin’s future outlook. It continues to target $100,000 more as a year-end goal. The flagship crypto is alternatively poised to surpass the margin of $150k as the year approaches conclusion.

The above is the detailed content of Bitcoin (BTC) Open Interest (OI) is High, But Will the Token be Able to Sustain Optimistic Resistance Margins?. For more information, please follow other related articles on the PHP Chinese website!