Bitcoin

Resistance

James

The price of <a href="https://en.coin-turk.com/the-future-of-bitcoin-and-bitcoin-holders-what-lies-ahead/" data-wpel-link="internal">Bitcoin</a> dropped towards $34,500 on November 7th. As of the time of writing, Bitcoin is trading at $34,824, and the inability to break the $35,000 resistance level continues to create pressure in the market. Famous analysts in the industry are currently focusing on the increase in futures contracts. 
<h2 class="p1" style="text-align: justify" id="new-data-draws-attention-in-the-bitcoin-front">New Data Draws Attention in the Bitcoin Front</h2> 
According to data from TradingView, Bitcoin is putting up a serious fight to reclaim the $35,000 level as support. BTC did not provide a clear direction for investors based on Wall Street’s opening, but market participants expect volatility to return soon. 
The reason for this expectation is a sharp increase in open interest (OI), which represents the total number of futures contracts in the futures market. Financial commentator Tedtalksmacro shared his thoughts with his followers: 
<blockquote> 
 “Nearly $350 million worth of 10,000 Bitcoins were added to open interest today. Fireworks will soon be ignited.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="a-20-move-is-expected">A 20% Move is Expected</h2> 
The high level of open interest coincides with periods of volatility in recent months. James Van Straten, a research and data <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">analyst</a> at crypto analysis firm CryptoSlate, commented on the current levels, which were approximately $15.5 billion at the time of writing, describing the volatility level as noteworthy: 
<blockquote> 
 “The CME exchange, preferred by institutional investors, set a new record in open interest with $3.68 billion worth of 105,380 BTC contracts. <a href="https://en.coin-turk.com/bigtime-coin-what-is-it-and-why-is-it-rising/" data-wpel-link="internal">Binance</a> surpassed this figure with approximately 113,500 BTC in open interest. This trend indicates an increase in participation in Bitcoin futures, suggesting either a positive change in market sentiment or investors turning to protective strategies.” 
</blockquote> 
<img decoding="async" class="aligncenter wp-image-274289 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/btc-vadeli.webp" alt="" width="1915" height="578"> 
Concerns about the uncertainty of the outcome of the OI metric were shared by J. A. Maartunn, who supports the on-chain analysis platform CryptoQuant. 
<img decoding="async" class="aligncenter wp-image-274288" src="https://coin-turk.com/wp-content/uploads/2023/11/maartunn-tweet.png" alt="" width="550" height="599"> 
In an analysis shared with his followers on November 6th, Maartunn claimed that the OI is currently in the range where a 20% drop in the Bitcoin price has been seen before. The renowned analyst wrote that when this metric exceeded $12.2 billion in the past, Bitcoin experienced at least a 20% drop and emphasized the significance of the OI metric. 
<img decoding="async" class="aligncenter wp-image-274285 size-full" src="https://coin-turk.com/wp-content/uploads/2023/11/btcusd-grafik.jpg" alt="" width="1404" height="668"> Continue Reading: <a href="https://en.coin-turk.com/bitcoin-price-struggles-to-break-35000-resistance-as-open-interest-surges/" data-wpel-link="internal">https://en.coin-turk.com/bitcoin-price-struggles-to-break-35000-resistance-as-open-interest-surges/</a>

Bitcoin Price Struggles to Break $35,000 Resistance as Open Interest Surges

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