Bitcoin Futures Open Interest Net Position Reaches Neutral as Market Sentiment Shifts
Bitcoin has regained the $115,000 level after dipping to $112,000, indicating bullish strength. Key developments include:
- Bitcoin Futures Open Interest Net Position favors bulls over shorts, reflecting optimistic sentiment among traders.
- Maintaining above $115K is crucial for confirming bullish momentum; failure could lead to selling pressure.
- Market analyst Axel Adler notes a shift from bearish to neutral-bullish market structure, with the SMA-120 line recovering.
- An executive order by US President Donald Trump allows cryptocurrencies in 401(k) plans, potentially increasing demand.
- Current support is near $113K (50-day SMA), with resistance at $122,077 marking potential for retesting all-time highs.
The market remains bullish as long as Bitcoin holds above the 50-day SMA, but caution is advised if price gains slow near $122K.
