After a strong 3.7% of green 4-hour engulfing candle, Bitcoin (BTC) once again reached its crucial level near $62,000. However, this is the fifth time BTC has reached this level in the last 15 days, and each time it has faced massive selling pressure, resulting in a significant drop in BTC’s value
Bitcoin’s Upcoming Levels
This time, BTC’s daily candle closing will be crucial in determining its upcoming momentum, whether it will repeat the history or breach this $62,000 resistance. According to expert technical analysis, BTC looks bearish as it started falling from that crucial level. Looking at the current market sentiment, there is a high possibility BTC will again fall to $59,000 and $58,000 levels in the coming days.
However, to experience a massive upside move, BTC needs to breach the $62,000 level and close a daily candle above that level. If this happens, BTC could rally to the $67,000 level or even higher.
Rise in Open Interest
With the recent price surge, BTC’s open interest has increased by over 4.05% in the last 4 hours and over 5% in the last 24 hours. This increased open interest signals and strong interest from traders and investors in BTC.
However, the rise of open interest does not necessarily signal a bullish trend, it is possible that short sellers have begun making significant bets at the current level, hoping that BTC will fall.
Bitcoin’s Price Overview
At press time, BTC is trading near the $61,200 level and has experienced a price surge of over 3% in the last 24 hours. Meanwhile, its trading volume has remained unchanged during the same period, meaning traders’ participation remains stable.
Earlier, on August 21, 2024, the on-chain analytic firm made a post on X (previously Twitter) that a large sell order of 1,200 BTC had been placed at the $60,500 level.
However, with the recent price surge, BTC reached a high of over $61,820, indicating that someone has already purchased that notable 1,200 BTC at the $60,500 level.