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<ul class="wp-block-list news-points"> 
 <li>Bitcoin tumbles to $56K, but open interest surge defies gravity.</li> 
 <li>The total open interest for BTC is at $29B, a 2.14% increase in the last 24 hours.</li> 
 <li>An order book heatmap data signals a potential plunge to $55,000.</li> 
</ul> 
A recent technical <a href="https://x.com/coinglass_com/status/1824246301497917872?t=NlzCjCLB8W1WtpSPnUpWSg&amp;s=19" target="_blank" rel="nofollow">analysis</a> of Bitcoin’s price by Coin Glass suggests Bitcoin is under intense bearish pressure, evidenced by its recent price decline and a rising surge in open interest. This counterintuitive market behavior, where the number of outstanding derivatives contracts increases despite a falling price, comes as a surprise to the cryptocurrency community. 
Data from Coinglass records the total Open Interest at $29.73 billion, an increase of 0.62% as of the time of press and 1.79% and 2.14% in the four-hour and 24-hour timeframes, respectively.&nbsp; 
Additionally, Chicago Mercantile Exchange (CME), Binance, and Bybit lead the Open Interest by exchanges, with a value of $8.40 billion, $6.80 billion, and $4.17 billion, respectively. 
This increase in OI has been observed despite Bitcoin’s value dropping to a low of $56,161 earlier today. Typically, a declining price would lead to a decrease in open interest as traders unwind their positio…
The post <a href="https://coinedition.com/rising-open-interest-a-red-flag-for-bitcoin-bulls/">Rising Open Interest: A Red Flag for Bitcoin Bulls</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

Rising Open Interest: A Red Flag for Bitcoin Bulls

Coin Edition

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