Bitcoin reassesses its recent peaks, having soared past $126,000 before stabilizing around $123,200. Concerns over rising open interest have surfaced:
Highlights:
- Bitcoin has seen a significant rise, recently hitting over $126,000.
- The critical threshold now sits at $124,000 for Bitcoin enthusiasts.
- Future momentum relies heavily on ETF flows and institutional interest.
As Bitcoin attempts to redefine its price levels, data from Cointelegraph Markets Pro and TradingView indicates a current price fluctuating around $125,000.
Recent all-time highs yielded a slight retreat, settling back at $123,200 prior to buyers stepping back in. Trader Skew shared that passive selling on Coinbase coupled with taker selling on Binance has led to the recent dip:
“Passive selling on Coinbase & taker selling on Binance spot led the bleed back to $123.2K.”
Additionally, Skew highlighted the importance of maintaining $124,000 as a pivotal support level for the bulls, noting:
“$124,000 is the pivotal price point for bulls to flip to definitive support.”
Moreover, trader BitBull remarked:
“I wouldn’t be surprised to see a fakeout below it, but overall a few weekly close above $123K is needed. This will set the stage for the next 20%-30% rally in the coming weeks.”
Another analyst, Daan Crypto Trades, identified an impressive uptick in open interest across Bitcoin derivative markets, stating:
“$7B of OI got added which is about +19% of global OI added…”
QCP Capital raised questions regarding the sustainability of the current Bitcoin surge, arguing that future upward movements may depend largely on institutional participation.
The largest institutional Bitcoin investment vehicles (e.g., US spot Bitcoin ETFs) noted a substantial net inflow of around $1.2 billion, marking their second-highest daily tally. QCP concluded:
“Ultimately, institutional flows and macro conditions will decide whether BTC’s October run evolves into another parabolic leg or fades into consolidation.”
