Bitcoin: Trading interest on a high, will BTC’s price follow suit soon?

recent decline in price contributed to a correction among most tokens. This, in turn, led to market sentiment falling across the board too.

Despite the cryptocurrency’s falling price, however, the overall Open Interest in Bitcoin surged. This can be interpreted as a sign that traders are increasingly taking interest in the king coin. One of the reasons for the same could be that these traders are now anticipating significant price fluctuations in the future.Another positive about the Open Interest in BTC is that it is an indication of institutional interest in trading Bitcoin.

However, the high number of short positions also creates the possibility of a short squeeze. If the price of Bitcoin unexpectedly rises, short sellers will face mounting losses and be pressured to buy back Bitcoin to limit the damage. This buying frenzy can actually accelerate the price hike in a dramatic reversal.U.S government holdings might impact Bitcoin’s price on the charts too. Every single time the U.S government has sold its holdings, the price of BTC has been impacted negatively.

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