- Bitcoin surged to an all-time high of $85K on April 14 before easing off.
- There was a 15.8% rise in Binance open interest, which rose by $1.2 billion over 24 hours.
- Bitcoin is resistance between $96,000 to $84,000, suggesting possible continuation on an upswing.
Bitcoin continued its upward trajectory over the weekend, briefly hitting a record high of $85,000 on April 14. As reported by TradingView, this surge was followed by a slight pullback as investors locked in profits. Despite the pause, attention now shifts to the psychological barrier at $97,000.
Analysts argue that a breakout above it could confirm a new bullish phase. However, if Bitcoin fails to breach it, the crypto could remain stuck within its current trading zone, limiting future gains in the short term.
Cryptocurrency analyst Ali Marteniz noted that $86,000 was a key resistance point. If Bitcoin surpasses this point, it could potentially lead to rally to $97,000. A failure to move up could lead to a correction to $79,000, which could mean a cooling down point following the recent bullish momentum.
Bitcoin Derivatives Inflow Hits $1.2 Billion
Analyst Burak Kesmeci revealed through CryptoQuant that Bitcoin’s open interest on Binance surged by 15.8% in just 24 hours. The increase represents a $1.2 billion jump, pushing total open interest on the exchange from $7.6 billion to $8.8 billion.
Open interest is an indication of overall capital going in through derivatives such as futures and options. An increase usually points towards increased activity by traders and fresh positions. Binance now holds 31.4% of the total market share, with worldwide BTC futures open interest amounting to approximately $28 billion.
Kesmeci emphasized that Binance is not merely mirroring market trends but is “actively leading it.” The sudden spike in open interest implies an accelerated accumulation in levered longs, indicating an increase in market volatility and possible liquidations. Traders are advised to remain cautious, as the market may experience swift and sharp price swings in both directions.
Bitcoin Resistance Levels Between $84K and $96K
Bitcoin’s bullish trend is supported by technical indicators. The RSI is still at levels above 60, indicating potential for further gains. Furthermore, BTC has held above its 20-day exponential moving average, which tends to mean underlying strength in conjunction with sustained buying interest from market players.
As of writing, Bitcoin is trading at approximately $84,785 after recovering from a near-term bottom of $75,000. Tradingview reports that the price declined 0.50% over the last hour, rose 1.24% over 24 hours, and rose 1.15% over the week. These figures point to a steady but gradual bullish follow-through.
According to CryptoQuant, resistance may lie between $84,000 and $96,000, based on Realized Price data. Staying above $84,000 reflects continued bullish sentiment, while a drop below could signal waning momentum.
Read More: Bitcoin Holds Above $74K Support, Testing $85K Resistance Levels
