Bitcoin's price has been fluctuating between $95,415 and $98K, trapped in a familiar cycle. The surge in Open Interest (OI) at key price levels, followed by long liquidation events, raises the question: who truly controls the market? The article explores the potential for a powerful squeeze, trapping shorts and flipping the $99K-$100K range into a local bottom. Alternatively, a drop in OI could signal a breakout above key resistance levels.
It’s a textbook case of long traps playing out in real time. The question is: Who’s really in control now?Heatmap
The $99K — $100K zone saw a surge in OI, forming a local top before BTC dropped. With longs repeatedly getting caught, how can bulls strategize to break BTC out of its slump?A month ago, Bitcoin was trading around $106K, but now it’s sitting at $95,415, trapped in a loop for the second straight cycle.
At the 105K-106K range, Open Interest surged as traders piled in, with over $68 billion in open positions – marking the largest accumulation of OI.However, when BTC revisited this “breakeven” zone, longs doubled down – only to get trapped as weak hands exited the cycle after locking in gains and wiping out millions in long liquidations.Recently, the 95K-98K range saw a massive surge in OI, surpassing $60 billion. But this time, it acted as support, trapping shorts as BTC broke past $98K.
However, a drop in OI could be bullish, allowing Bitcoin to break past key resistance levels. If not, the cycle of trapping longs at every top could keep BTC stuck in a loop. The next few days will be critical.Ripley is a full-time crypto-news journalist with a fascination for blockchain tech and how it makes lives easier on multiple levels. She has been trading since 2019, and has a keen eye for market movements and analyses.Subscribe to get it daily in your inbox.
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