After a strong 3.7% green 4-hour engulfing candle, Bitcoin (BTC) has once again reached its critical level around $62,000. However, this is the fifth time BTC has reached this level in the last 15 days, and each time it has faced huge selling pressure, causing BTC to fall significantly in value.
Upcoming Bitcoin Levels
This time, the close of the BTC daily candle will be crucial in determining its upcoming momentum, whether it will repeat history or break that $62,000 resistance. According to expert technical analysis, BTC looks bearish as it has started to fall from that critical level. Looking at the current market sentimentThere is a high probability that BTC will fall again to the $59,000 and $58,000 levels in the coming days.
However, to experience a strong rally, BTC needs to break through the $62,000 level and close the daily candle above that level. If that happens, BTC could rise to $67,000 or even higher.
Open Interest Growth
With the recent rise in BTC prices open interest has grown by more than 4.05% in the last 4 hours and more than 5% in the last 24 hours. This has increased the open interest and strong interest of traders and investors in BTC.
However, rising open interest is not necessarily a signal of a bullish trend: it is possible that short sellers have started to place significant bets at the current level, hoping that BTC will fall.
Bitcoin Price Review
At the time of publication, BTC is trading around $61,200 and has seen a price jump of over 3% in the last 24 hours. Meanwhile, trading volume has remained flat over the same period, indicating that trader participation remains stable.
Earlier, on August 21, 2024, a blockchain analytics company posted on the X network (formerly 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 has reached a high of $61,820, indicating that someone has already purchased that remarkable 1,200 BTC at $60,500.