Bitcoin Ready for an Upside
If you look at the Bitcoin price recently, it appears the crypto king is about to experience another surge to the upside. According to a popular analyst, Credible Crypto, the latest pullback flushed out overleveraged traders. Open interest (OI) is back at healthy levels as spot market bulls continue to accumulate BTC, tracking the total number of outstanding derivatives contracts that have not been closed for an asset. The analyst also believes that the bearish price action of altcoins supports his bullish stance on crypto, suggesting market participants have the dry powder to move capital to BTC. As of the moment, Bitcoin is trading at $36,519, well above Credible Crypto’s downside target at $35,766, indicating that the BTC is likely to experience a recovery very soon.
Hot Take
Bitcoin Facing Another Upsurge?
