Bitcoin open interest hits an ATH of $55.7b: here’s what to expect

Bitcoin’s open interest in the futures markets recently reached an all-time high amid the recent market rally that has caused the asset to demand new price highs.

According to data aggregator Coinglass, Bitcoin (BTC) OI has risen to $55.7 billion, indicating a major increase in trading activity and investor interest. This latest increase follows a previous decline to $26.65 billion on August 6.

BTC open position | Source: Coinglass

CME accounts for most of this figure, holding approximately 32.3% of the total Bitcoin futures OI with 197,620 BTC worth $18 billion.

Binance, the largest crypto exchange by trading volume, accounts for 19.47% of total OI with open positions of over 119,000 BTC worth approximately $10.86 billion.

Bybit ranked third with 13.49% of open interest, reaching 82,580 BTC or $7.53 billion, while Bitget and OKX rounded out the top five, holding approximately 9.9% and 7.91% of market shares, respectively. .

The recent recovery in OI follows a bullish price rally that began around the US presidential election on November 5. As the market reacted to Donald Trump’s election victory, Bitcoin soared, setting new records along the way.

The cryptocurrency briefly reached an all-time high of $93,480 yesterday and then pulled back slightly. Bitcoin is up 4% in the last 24 hours and is trading at $91,108 at the time of writing.

Bitcoin faces resistance

Bitcoin is facing resistance near the upper Bollinger Band near $91,265 and it will need to overcome this barrier to resume the uptrend.

BTC 1D chart | Source: crypto.news

Amid the rise, the Commodity Channel Index recently peaked at 247, indicating that the asset is in overbought territory. Although the CCI has since dropped to 163.35, there appears to be a divergence between this indicator and the Bitcoin price.

Notably, the flagship cryptocurrency continued to reach new highs over the past three days but its CCI has fallen during this period. The gap between the CCI decline and Bitcoin’s new highs could signal a potential slowdown.

If Bitcoin cannot break the current resistance, a pullback may be imminent. In this scenario, the nearest support is $88,000, if the decline continues, further stability will be achieved around $87,113 and $83,258.

However, increasing OI could mean that investors are still optimistic, and a successful break of the $91,265 resistance could lead to Bitcoin retesting its recent ATH above $93,000.