this is important, let's pay attention here. I have found some new clues to where BTC is headed. I've been wondering for quite a while now WHY Bitcoin is stuck under 31.5K, the Bull-Bear Divide and can't seem to break above even with all these positive news. Here is some evidence that I think we should take very seriously: the Open Interest (OI) on Bitcoin futures is getting high. Open Interest just means how many contracts are opened up trading Bitcoin futures, it can be longs or shorts. But usually a huge rally in BTC OI indicates a lot of bulls getting in with high leverage with hopes of making it rich quickly, a high OI usually means markets are more prone to a Pull Back. Can't blame them because BTC has done a lot of that last few years, it has rewarded folks who go long on leverage on BTC in Bull Markets. However, when there is high Bitcoin OI, it means the market is getting heated for now.... See back in Oct/Nov 2021 when this OI (Blue Line) got high and near the Red Line that is when BTC topped at 69K. OI made a double top there at Oct/Nov 2021 and that was the top for BTC price. Then it rose again in May 2022 to the Red Line thinking 28K was the bottom, but again BTC tanked a lot from there on. When this OI (Blue Line) went max long in Oct 2022, BTC was at 19K and then FTX crash happened and BTC went to 15.4K. So all the longs gave up and started to Unwind as OI went down, by the time this OI got below the Red Line again is when the BTC rally from 16/17K got started. And now we see this OI pushing Above the Red Line again as of now. So this is another sign that BTC might be ready to do a test to the downside over the next few weeks. I've been showing this large rising Wedge on BTC, and usually rising wedges then to break downwards, so this is more clues the market is giving us that a break down on the Rising Wedge is more likely next few weeks.
Keep in mind, no single indicator is 100% though.