Crypto futures traders are making a comeback, creating new positions as Bitcoin, SOL, and ETH push against key resistance levels today.

Key points:

• Increased spot and futures volumes suggest traders are re-entering the crypto market.
• Traders are positioning for potential gains, though charts indicate that swing traders may sell at intra-day peaks.

Market activity became tumultuous on Tuesday with Bitcoin (BTC) achieving a daily high of $114,000, while Ether (ETH) reached a temporary high at $4,110. Solana’s SOL also made an attempt to break the $200 mark, peaking at $198.

The significant rallies, particularly with Bitcoin, align with BTC’s rising open interest, indicating that traders are returning following the major sell-off on October 10, which resulted in $20 billion in futures liquidations.

Evidence of traders re-engaging can be observed in CoinGlass data showing that Bitcoin futures open interest climbed to over $32 billion, rebounding from a low of $28 billion on October 11. Bitcoin futures open interest. Source: CoinGlass

According to Hyblock analysts, the rally from $107,453 to $114,000 corresponds with Bitcoin’s 4-hour anchored open interest and a cumulative volume delta that has turned positive. This surge was also accompanied by a rise in BTC’s funding rate, indicating that this momentum was propelled by futures market activity. Bitcoin open interest delta and cumulative volume delta. Source: Hyblock

The analysts suggest that, as the Bitcoin price consolidates within the range established post-sell-off, traders will continue to target larger liquidity zones, a situation that unfolded today as BTC price moved through the $114,000 to $115,000 range. BTC/USDT liquidation heatmap. Source: Hyblock

While the data implies that traders are increasingly comfortable adding risk, Cointelegraph technical analyst Rakesh Upadhyay mentioned, “sellers are expected to continue closing profitable positions at intra-day range highs,” while bulls are anticipated to defend the $107,000 support level.

This article does not provide investment advice or recommendations. All investments and trades involve risk and readers should do their own research prior to making any decisions.