Bitcoin’s (BTC) brief surge to $66,000 has attracted a surge in bullish predictions, with traders betting on an increase that could see the price surpass its all-time high. Although Bitcoin hasn’t yet set a new record, its Open Interest (OI) has reached a peak, signaling that interest in the leading cryptocurrency is at its highest level in a considerable time.

The surge in OI, alongside the price spike to $66,000, signals growing trader confidence in a potential breakout. How high can BTC go?

Bitcoin Open Interest Reaches New All-Time High

Typically, OI reflects the number of open contracts in the market. When it rises, it indicates that traders are actively entering positions, often in anticipation of significant price movements. A decrease, on the other hand, indicates reduced exposure to the coin.

According to CryptoQuant, Bitcoin’s Open Interest has reached a new all-time high of $19.80 billion. The last time the metric went this high was in July. During that period, the coin’s price almost retested $68,000.

Given the current market sentiment, it’s not unreasonable to consider that Bitcoin could challenge its all-time high of around $73,750.  But that will only happen if growing interest in the asset persists.

Read more: Where to Trade Bitcoin Futures: A Comprehensive Guide

Regarding this development, crypto analyst EgyHashX opined that the rising liquidity could positively affect Bitcoin’s price in the short term.

“This upward trend in the derivatives market indicates a growing influx of liquidity and increased attention in the cryptocurrency space. The rise in funding rates f

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Author: Victor Olanrewaju