Bitcoin (BTC) has been caught in a period of sideways trading over the past several days and weeks, as it has been unable to garner any significant and sustainable upwards momentum in spite of the strong support that it has established at $8,700.
Bitcoin’s open interest, however, may point to an underlying strength for the cryptocurrency, and according to one analyst could signal that someone is about to “light a match to some rocket fuel” that could send BTC’s price surging higher in the near-term.
Bitcoin Consolidates Around $8,700 as Bulls Fail to Spark Upwards Momentum
At the time of writing, Bitcoin is trading down 1% at its current price of $8,710, which marks a slight decline from its daily lows of over $8,800 that were set yesterday.
Despite the lackluster price action currently seen by BTC, it is important to note that $8,700 has consistently proven to be a strong region of support for the cryptocurrency, and it is unlikely that this level will be broken below unless bears garner some sort of significant momentum. Read More...