• Historically, Bitcoin has noted a 50% correction after reaching a new high in Open Interest.
• It is the beginning of a new cycle-  is this reason enough for Bitcoin to not repeat history?.

Bitcoin [BTC] noted a 6.8% drop in the past two days even after accounting for the bounce from $64.5k to $66.5k. An Insights post on CryptoQuant drew attention to the fact that each time the Open Interest (OI) pushed above the $13 billion mark, the Bitcoin market witnessed significant corrections.

The OI reached $17.7 billion on the 28th of March. This was followed by the losses we saw in the past few days. With a good chunk of retail participants purged from the futures markets, will BTC see a recovery, or trend downward for the next two months?

Bitcoin Open Interest past the $13 billion mark once more

As the Insights post points out, whenever BTC OI climbs past $13 billion, we see a major correction. This was because the extreme highs in OI are achieved when the mark

Go to Source to See Full Article
Author: Akashnath S

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details