Spike In Bitcoin Open Interest Forecasting A 2021 Bullrun To $69K?

Bitcoin is losing steam on low timeframes as the price is rejected from the $20,000 and seems poised to re-test previous support levels. The cryptocurrency enjoys a short-lived bullish price action, but buyers have been unable to push further. 

At the time of writing, Bitcoin (BTC) trades at $20,000 moving sideways in the last 24 hours and with a 5% profit in the last 7 days. Other cryptocurrencies in the top 10 by market cap record negative performance and steeper losses than BTC’s price except for Dogecoin and XRP.

Open Interest Follows Bitcoin Price, What Are The Implication?

As NewsBTC reported based on data from Arcane Research, the Bitcoin price bullish momentum has been followed by participants in the derivatives sector. In Late September and early October, as BTC’s price breached resistance at $20,500, the Open I