held on to the $67k support level, defending the previous week’s gains and the bulls were looking to build on it. At press time, the price was at $68.9k, and the $71.4k-$71.6k is the next resistance zone.observed that the weekly change in Open Interest was neutral at -1%. This came even though BTC had flipped the $67k level to support and was aiming to push higher.
The lack of speculative interest over the past week indicated that most market participants were sidelined. They were unwilling to bet on price movements and lacked bullish conviction. This could see BTC form a short-term range between $67k and $71.5k.another post , the analyst also showed that dramatic price surges have been accompanied by spikes in funding rates. In late 2020 and early 2021, the massive rally from $20k was accompanied by periods of high funding rates that reached +0.15.
The rally since 2023 October also saw the funding rate spike above the +0.03 mark. However, at press time, it was at +0.008.This showed a lack of bullish conviction. Combined with the slump in the weekly trading volume, the evidence strongly hinted that Bitcoin is not ready to breakout past the $72k area yet.Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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