$BTC There's two big differences between the green and red areas I've marked.

The green area saw a +42% increase in price with 30K BTC in Aggregated Open Interest added.

The red area saw just a +8% increase in price with 45K BTC in Aggregated Open Interest added. So that's 50% more OI added in a move that was less than 1/5th the size.

A lot of leverage added into that all time high sweep and I think there's still quite a chunk of that which is now trapped at $108K-$110K and is yet to unwind.

Open interest going up with price is normal, but it's important that it stays balanced.

Where the move in the green area was very clean & healthy, the last push up was paired with a lot of longs chasing and is also one of the main reasons why price stalled out.

A flush in open interest back into the white dotted line would make for a nice reset in that regard and would make me more bullish again in the short/mid term.