Bitcoin edges closer to the $45,000 mark amidst a surge in open interest, raising concerns about the strength of BTC’s price at these new levels.
On February 8, Bitcoin maintained a 3% increase, offering a glimpse of much-needed upside potential in crypto markets.
BTC adds almost $1 billion in open interest, according to data from TradingView, with price action centering around $44,700.
The leading cryptocurrency hit $44,766 on Bitstamp after the February 7 daily close, marking its highest levels in nearly a month.
While the increase may seem modest in percentage terms, it provides some relief from the tight range BTC/USD has experienced since mid-January.
Michaël van de Poppe, founder and CEO of MN Trading, remains cautiously optimistic, predicting a pre-halving rally to $48-51K followed by a correction for consolidation.
However, some traders express caution, citing the recent uptick driven by leverage. J. A. Maartunn from CryptoQuant warns of potential volatility if the price reverses, given the significant increase in open interest over the past 24 hours.
Former BitMEX CEO Arthur Hayes maintains his bullish stance on Bitcoin, attributing it to resurgent instability in the US regional banking sector.
As coins continue to be acquired at higher prices, James Van Straten, a research and data analyst at CryptoSlate, describes the current market as a highly orderly bull market.
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