Bitcoin Open Interest Rises As Investors Focus On This Level

Bitcoin may be on its way to reclaiming a key level that investors have been closely monitoring for the past two months.

After surpassing $65,000 on Tuesday, Bitcoin may be heading towards a level that crypto traders expect to reach $71,500 based on historical models.

This price recovery has also increased interest among traders betting on Bitcoin's short-term price movements.

Crypto trader Rekt Capital, in a July 16 post on X, noted that 'breaking the $65,000 level could indicate that the price is ready to enter the $65,000-$71,500 range.'

Rekt referred to a price cluster chart showing Bitcoin's previous movements after surpassing the $65,000 barrier before approaching $71,500.

According to CoinMarketCap data, Bitcoin is currently trading at $65,700. If Bitcoin rises to $71,500, the next significant target would be the all-time high of $73,649 reached on March 13.

However, not everyone agrees on Bitcoin reaching $71,500. There is a risk of large short positions being liquidated at $71,500, and many traders believe the price will not reach this level for now.

According to CoinGlass, approximately $1.47 billion worth of short positions could be liquidated at the $71,500 level.

On the other hand, investor confidence in the future has increased over the past five days, as Open Interest (OI) has risen by 13% during this period.

Open Interest: Refers to the total number of Bitcoin option contracts held by investors that are not yet settled at a given time.

Kripto traderı Mags, Bitcoin’in 12 Haziran’da 56.649 dolara düşerek 200 günlük hareketli ortalamanın altına inmesinin, Ağustos 2023’te görülen ve Bitcoin’in iki ayda yüzde 17,5 artışla 47.000 dolara yükseldiği tarihsel modelin tekrarını işaret edebileceğini belirtti.

Mags, 16 Temmuz tarihli bir X gönderisinde, “Son düşüşten sonra benzer bir model tekrarlanırsa, yakında Bitcoin’in 70.000 doların üzerini görebiliriz” dedi.

Diğer yandan, kripto traderı Yoddha, bu keskin düşüşün “tüm panik satıcılarını tuzağa düşürmek için yapılmış bir hile” olduğunu düşünüyor.

Kripto para piyasalarındaki gelişmeleri ve en son haberleri Kriptospot.com ile anlık olarak takip edebilirsiniz.