BTC Near $120k: Watch Open Interest for Breakout or Long Squeeze

I've noted Bitcoin's recent rise to around $120,499 alongside a climb in Binance futures open interest to roughly $13.7B, which points to renewed speculative long exposure as price tests the $119k–$120k decision zone.

I think this tandem move can support short-term gains but also increases vulnerability to a long squeeze if open interest grows faster than price.

I'll watch whether open interest stabilizes or declines on a breakout above $120k — which would be healthier and could push BTC toward $122k–$124k — versus a rejection with elevated OI that would likely trigger liquidation-driven declines.