Bitcoin Surpasses $98,000 Amid Increased Open Interest and Leverage

Bitcoin surpassed $98,000, igniting discussions on whether it can reach $100,000 or face a correction. Key points include:

Open Interest (OI) in Bitcoin rose by $2.4 billion (7.2%) within 24 hours, indicating a leverage-driven market.
Analysts noted an increase in fresh long positions contributing to price increases.
Concerns were raised about the disparity between futures-based OI and spot buying, suggesting a potential lack of sustainability in the rally.
Bob Loukas indicated a transition to a new multi-week cycle, without confirming an imminent market peak.
Rekt Capital emphasized the importance of Bitcoin closing above $97,700 as a support level for further upward movement towards $100,000.

As of now, BTC is trading at $98,645.