Open interest drops as Bitcoin rises; analysts warn breakdown ahead
Ardi says the latest Bitcoin bounce came from short covering, not fresh demand. Another analyst sees a bear flag and a pending breakdown.
Bitcoin rose from ~$60,000 to as high as ~$75,000 in six weeks while open interest fell. Ardi calls this a price‑OI divergence.
- Ardi says shorts closed into $60,000. “They locked profit. They exited. That exit pressure pushed the price up.” Source
- He adds that real strength shows OI rising as new longs enter. He sees none of that in this range. Source
- He warns short covering has a ceiling. Once shorts are done, upside pressure fades. Source
- Colin tracks a bear flag since the February 6 low. He expects a breakdown eventually. Source
- He sees a best case near $80,000 before a break. He notes outlier paths above $80,000 on sudden geopolitics shifts. Source
- BTC trades near $70,700 at press time. CoinMarketCap
