Last week, Bitcoin’s price behavior was greatly binding last week, as Premier Cryptocurrency recovered more than $ 100,000. This recent strong momentum reflects the emotions that grow healthy among investors.
On Friday, May 15, Bitcoin prices reached the highest level since January, reaching $ 103,800. However, the latest on -chain data shows that there is no investor activity in the derivative market. In general, it appears when the value of the BTC reaches this level.
To hit the BTC Price Rally Garath block?
In a recent post by Social Media Platform X, Alphractal, an encryption analysis platform, has shared that public interest (OI) has not moved with Bitcoin prices for the last few days. Open interest metrics measure the total amount from BTC derivatives at a given time.
Increasing public interest is often regarded as an optimistic signal of premier Cryptocurrency because it often suggests new capital inflows into the market. Ultimately, this trend suggests improving investor feelings and surge in merchants’ trust.
According to Alphractal’s data, the current OIs (about $ 103,000) of Bitcoin are about $ 61.3 billion. When BTC finally came to this monumental price, the interest was over $ 68 billion.
Source: @Alphractal on XAlphractal is now $ 103,000 at a price that has a less interest on Bitcoin. Alphractal pointed out that this trend suggests that the leverage is lowered and the activity is reduced in the largest market of encryption. The analyst explained that this phenomenon could be due to the recent liquidation or location closure.
In X’s post, Alphractal revealed other reasons why the price of the flagship cryptocurrency could be at risk of short -term correction movement. The relevant hot chain metrics that support this weak projection are whale location appraisal.
Whale Location Appraisal Metric tracks the transaction behavior with the direction bias of large holders. In general, it reflects changes in the net positioning of whales, market feelings and open positions.
Chart showing a decline in the Whale Position Sentiment from 1 to around 0.7 | Source: @Alphractal on XAlphractal concluded that it changes market sentiment by reflecting the interests of large investors in closing the position of long -term positions. If the metrics continue to fall, the whole chain analysis company inferred that the price could be stagnant or worse.
Bitcoin price at a glance
At the time of this article, the price of the BTC is $ 103,035, which does not reflect big movements for 24 hours. The recent optimistic propulsion suggests that premiere cryptocurrency can record the highest level in the future, but investors want to pay attention to the recent chain observation.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Istock’s main image, TradingView chart
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