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Bitcoin Nearing All-Time Highs Requires Major Catalysts for Breakout
Following record peaks in open interest growth of 79% in spring 2024, 59% in autumn, and 36% in May, the last 30 days have seen the open interest index shift from a negative territory of -9% to a positive +5%. This indicates traders are re-entering futures positions, albeit without the previous leverage. Given Bitcoin's current price staying near all-time highs, sellers are likely to defend the ATH. Breaking through it will require significant news such as presidential statements, clear signals from the Fed about interest rate cuts, or other triggers to boost risk appetite. The current cautious optimism hinges on more aggressive news scenarios.
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AI Analysis
The recent increase in open interest from -9% to +5% over the past month signifies a shift in trader sentiment, with market participants re-engaging in futures trading. The absence of leverage suggest...
AI Recommendation
Investors should exercise caution and monitor upcoming macroeconomic and political statements, as these could serve as the necessary catalysts for a breakout. Maintaining a balanced position and avoid...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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