Bitcoin Experiences ‘Short Squeeze,’ Pushing BTC Price to $35.9K While Open Interest Remains High

Bitcoin’s price action reached $35,900 as it responded to the persistent elevated open interest (OI) on exchanges, according to data from Cointelegraph Markets Pro and TradingView.

Earlier, it was reported that the substantial OI of over $15 billion could potentially trigger a fresh round of market volatility. There were concerns that this surge in OI might lead to a decline in BTC prices, and the market’s ultimate direction was uncertain.

Ultimately, it was short sellers who found themselves under pressure as Bitcoin quickly surged, reaching just below the $35,900 mark.

Analysts and traders, including well-known trader Skew, had anticipated this move. Skew had suggested that momentum would pick up rapidly if Bitcoin approached the $34,800 level, a prediction that turned out to be accurate.

“Open interest is still increasing, and it appears that short positions are dominating the OI build-up here. $34,800 is a crucial price level for a short squeeze,” Skew communicated to subscribers.

While the market remains unpredictable, the consensus among traders and indicators suggested that Bitcoin was unlikely to surpass $36,000 before the weekly candle closed. This sentiment was based on the latest signals from Trend Precognition, one of its proprietary trading indicators.

Registering DigiFinex now grants you a newcomer’s package worth $550: Click to register

If you want to receive all the rewards, please contact me: Telegram

DigiFinex, originating from Singapore and established in 2017, is a leading global cryptocurrency exchange. Upholding the values of diversity, integrity, and trustworthiness, DigiFinex provides users with secure 24/7 services for buying, selling, trading, storing, and staking cryptocurrencies.