The crypto asset likely stays within this range, at least until open interest on BitMEX reaches above 100,000 BTC – something that appears to be a trigger for the most powerful price movements on the crypto asset’s price charts.
Most Powerful Bitcoin Price Moves Are Preceeded By Rise in Open Interest
There’s no point in denying that BitMEX is among the most powerful entities in the cryptocurrency market, and the activity on the margin trading platform can even dictate when the most significant price movements occur.
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According to one crypto analyst, each time open interest on BitMEX reaches 100,000 BTC or higher, it results in an extremely strong price movement in either direction, setting the trend for the weeks ahead.
Expect price to consolidate for weeks while OI creeps above 100k BTC building up to the next explosive move.
This has been the theme for a while, no reason why it would be different this time.
Knowing when to position yourself for volatility is key. pic.twitter.com/NrH1CQT2sb
— Mohit Sorout