Apr 16, 2025
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Bitcoin Open Interest Remains High at $56.17 Billion Amid Price Decline
Bitcoin Open Interest Analysis
The Bitcoin open interest remains high at $56.17 billion, down 22% from its peak of $71.85 billion. This indicates continued trader engagement despite a 20% drop in BTC price.
- High open interest correlates with the price decline, potentially hindering recovery.
- Historically, significant upward moves in Bitcoin occur when open interest is low.
Potential Price Decline
Analysts suggest a possible BTC price crash below $70,000 due to:
- Fake bullish divergence in RSI not aligning with price action, indicating a potential bull trap.
- Break of trendline support after falling to the low $80,000s, signaling weakening bullish momentum.
Forecasts estimate a further decline of about 20%, targeting a price of $69,149, aligning with previous structural support levels.
