Bulls’ domination over bears has pushed Bitcoin price to hold above the key $106K support level, with the price hitting an intraday high of $108,300. While risks and headwinds persists for Bitcoin price, analysts believe the rally would continue.
Major Headwinds of Bitcoin Price Rally
The recent fluctuations in Bitcoin price, combined with notable changes in open interest, indicate a need for traders to exercise caution.
Binance Open Interest Reaches Historical Profit Booking Areas
As per a CryptoQuant on-chain analysis, Binance open interest (OI) hit 6% for the third time in two months. This pattern historically coincided with areas of profit-taking.
The recurring pattern suggests that large inflows into leveraged positions often follow periods where short-term gains are realized. This leads to potential price pullbacks or sideways movement.
Source: CryptoQuant
Sharp Decline in Long-Term Holder (LTH) Net Position Realized Cap
LTH Net Position Realized Cap metric indic
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