• Bitcoin tumbles to $56K, but open interest surge defies gravity.
• The total open interest for BTC is at $29B, a 2.14% increase in the last 24 hours.
• An order book heatmap data signals a potential plunge to $55,000.

A recent technical analysis of Bitcoin’s price by Coin Glass suggests Bitcoin is under intense bearish pressure, evidenced by its recent price decline and a rising surge in open interest. This counterintuitive market behavior, where the number of outstanding derivatives contracts increases despite a falling price, comes as a surprise to the cryptocurrency community.

Data from Coinglass records the total Open Interest at $29.73 billion, an increase of 0.62% as of the time of press and 1.79% and 2.14% in the four-hour and 24-hour timeframes, respectively. 

Additionally, Chicago Mercantile Exchange (CME), Binance, and Bybit lead the Open Interest by exchanges, with a value of $8.40 billion, $6.80 billion, and $4.17 billion, respectively.

This increase in OI has been observed despite Bitcoin’s value dropping to a low of $56,161 earlier today. Typically, a declining price would lead to a decrease in open interest as traders unwind their positio…

The post Rising Open Interest: A Red Flag for Bitcoin Bulls appeared first on Coin Edition.

• Bitcoin tumbles to $56K, but open interest surge defies gravity.
• The total open interest for BTC is at $29B, a 2.14% increase in the last 24 hours.
• An order book heatmap data signals a potential plunge to $55,000.

A recent technical analysis of Bitcoin’s price by Coin Glass suggests Bitcoin is under intense bearish pressure, evidenced by its recent price decline and a rising surge in open interest. This counterintuitive market behavior, where the number of outstanding derivatives contracts increases despite a falling price, comes as a surprise to the cryptocurrency community.

Data from Coinglass records the total Open Interest at $29.73 billion, an increase of 0.62% as of the time of press and 1.79% and 2.14% in the four-hour and 24-hour timeframes, respectively. 

Additionally, Chicago Mercantile Exchange (CME), Binance, and Bybit lead the Open Interest by exchanges, with a value of $8.40 billion, $6.80 billion, and $4.17 billion, respectively.

This increase in OI has been observed despite Bitcoin’s value dropping to a low of $56,161 earlier today. Typically, a declining price would lead to a decrease in open interest as traders unwind their positio…

The post Rising Open Interest: A Red Flag for Bitcoin Bulls appeared first on Coin Edition.