Bitcoin experienced a surge beyond the $68,000 price level, raising hopes among traders that it could retest its all-time high of $73,679. However, Hyblock Capital CEO Shubh Varma cautioned that a final price dip might occur before a continued upward movement. He noted that fewer than 40% of retail traders on Binance are currently holding long positions, which could signal a potential market reversal. Varma also pointed out that Bitcoin’s Open Interest (OI) has reached a historical resistance level, suggesting a possible corrective move. As of October 16, OI hit $39.36 billion, surpassing previous yearly highs. Meanwhile, other analysts like Lark Davis see the OI surge as an indicator of a possible major rally ahead. Some traders hope for Bitcoin prices to fall back to the low $40,000s before entering the next bull market, viewing it as an optimal buying opportunity.

Source 🔗