Bitcoin Price Surges to $97,000 Amid Rising Open Interest
Bitcoin's price has increased to $97,000 from $94,000 earlier this week. Analysts are observing trends in perpetual futures markets that could indicate a major market shift.
Key Developments
- Bitcoin's open interest is rising, indicating increased activity in perpetual futures contracts on centralized exchanges.
- Analyst ShayanBTC notes that the growth in open interest may lead to a significant breakout, although the direction of this move is uncertain.
- CryptoQuant's analyst CryptoOnChain estimates Bitcoin's price may fluctuate between $93,000 and $110,000 over the next month based on deep learning models.
- Current trading price is $97,136, marking a 6.1% decline over the past month and 10.6% below its all-time high of over $109,000.
- Analyst RektCapital observes that Bitcoin is performing key technical steps to confirm a Bull Flag breakout, with $96,700 needing to hold for trend continuation.
