Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has shown bullish momentum during the past day, but an analyst has pointed out how the asset may be in a high-risk zone now due to the Open Interest trend. Bitcoin Open Interest Has Seen A Rapid Increase Recently As explained by CryptoQuant community manager Maartunn in a new post on X, the Bitcoin Open Interest has just surged to high levels. The “Open Interest” is an indicator that keeps track of the total amount of BTC-related positions currently open on all derivatives exchanges. Related Reading: Shiba Inu Rallies 34%, But Will FOMO End The Rally? When the value of this metric rises, it means the investors are opening up fresh positions on the derivatives market right now. As the overall leverage in the sector increases when this trend occurs, it can lead to higher asset price volatility. On the other hand, the indicator heading down suggests the derivatives contract holders are either closing up positions of their own volition or getting forcibly liquidated by their platform. This kind of trend can lead to more stability for BTC. Now, here is a chart that shows the trend in the Bitcoin Open Interest over the past year: As displayed in the above graph, the Bitcoin Open Interest had cooled off to relatively low levels earlier in the month as the asset’s price crashed. With the recovery in the coin, however, the indicator has been noting growth again. The indicator is now high, potentially implying the market has become overleveraged. As mentioned earlier, a high metric value can lead to more volatility for BTC. The reason behind this is that mass liquidation events can become more probable to occur at these levels, making the price act more volatile. On paper, the volatility emerging from an Open Interest increase can take the coin in either direction, but BTC has shown a consistent pattern in the past year. As the analyst has highlighted in the chart, the indicator entering into the same zone as now has generally turned out to be bearish for Bitcoin in this window. Related Reading: Render (RENDER) Shows 23% Surge As Sharks & Whales Continue To Buy In these instances, the Open Interest surge had occurred alongside price surges, indicating that long positions had been piling up. The latest growth in the indicator has also naturally come similarly. “We’re in a high-risk zone, and in my opinion, it’s not the best time for fresh long positions,” notes Maartunn. It remains to be seen how Bitcoin develops in the coming days and if it will hit the top, just like it did during those other instances. BTC Price Following the rally in the past day, Bitcoin has managed to find a break above the $66,000 level for the first time in almost two months Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":645084,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,84546,84667,6481,790,1119,78790],"class_list":["post-645082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-longs","tag-bitcoin-open-interest","tag-bitcoin-rally","tag-bitcoin-volatility","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n
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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Breaks $66,000, But Analyst Warns Against Fresh Longs\u2014Here’s Why","url":"http:\/\/www.wncen.com\/bitcoin-news\/bitcoin-66000-analyst-warns-fresh-longs-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/bitcoin-news\/bitcoin-66000-analyst-warns-fresh-longs-heres-why\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/09\/btc_c4f940.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/09\/btc_c4f940.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin longs","bitcoin open interest","bitcoin rally","bitcoin volatility","btc","btcusdt"],"dateCreated":"2024-09-28T11:00:11Z","datePublished":"2024-09-28T11:00:11Z","dateModified":"2024-09-28T11:00:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Breaks $66,000, But Analyst Warns Against Fresh Longs\\u2014Here’s Why\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/bitcoin-news\\\/bitcoin-66000-analyst-warns-fresh-longs-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/bitcoin-news\\\/bitcoin-66000-analyst-warns-fresh-longs-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_c4f940.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_c4f940.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin longs\",\"bitcoin open interest\",\"bitcoin rally\",\"bitcoin volatility\",\"btc\",\"btcusdt\"],\"dateCreated\":\"2024-09-28T11:00:11Z\",\"datePublished\":\"2024-09-28T11:00:11Z\",\"dateModified\":\"2024-09-28T11:00:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/09\/btc_c4f940.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/645082"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=645082"}],"version-history":[{"count":5,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/645082\/revisions"}],"predecessor-version":[{"id":645166,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/645082\/revisions\/645166"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/645084"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=645082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=645082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=645082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Bitcoin](\"https:\/\/pbs.twimg.com\/media\/GYeXsdiXAAAYIMR?format=png&name=900x900\")