A notable drop in OI across exchanges hints at a market reset and potential bullish reversal.
Bitcoin price hovers near $106K despite volume drop, reflecting cautious optimism.
Historical patterns and market sentiment suggest July could trigger fresh accumulation and upward momentum.
Bitcoin inches toward a potential rebound as market signals shift. With open interest plunging across major exchanges and spot price action showing signs of stabilization, analysts suggest a possible bottom may be forming for the world’s leading cryptocurrency.
With June coming to its end, the mood of the investors is cautiously optimistic, supported by the trend and trading history. In the meantime, Bitcoin slides between the highs of ~$106k and lows of ~$96k, entering its rough waters as July approaches, which might become a make-or-break month.
Open Interest Reset Fuels Rebound Hopes
According to Crypto Seth, Bitcoin ($BTC) appears to be nearing a market bottom based on open interest (OI) levels across major exchanges. The chart titled "Bitcoin: Open Interest by Exchange ($, 30-Day Change)" illustrates a sharp decline in aggregated OI across platforms like Binance, Bybit, OKX, and others, with some exchanges showing significant net reductions in open interest over the past month.
Historically, such contractions in OI have coincided with price consolidation or the tail end of downward movements, suggesting a potential pivot point for bullish momentum. The accompanying Bitcoin price line shows stabilization near $60K–$65K levels following earlier volatility.
The data underscores a broader sentiment shift in the derivatives market, with traders possibly unwinding positions amid June’s challenging price action. As open interest resets, Crypto Seth emphasizes a cautiously optimistic outlook for July, encapsulated in the phrase “Survive June.
Thrive in July.” With a multi-exchange flush-out of leverage evident from the chart’s color-coded drops, particularly on Binance and Bybit, the stage may be setting for renewed accumulation or upside volatility. If historical patterns repeat, the current suppressed OI could catalyze a more sustainable rally heading into the next quarter.
Market Awaits July Momentum After June Volatility
According to CoinMarketCap, Bitcoin ($BTC) is trading at $106,757.04, reflecting a modest 0.27% decline over the past 24 hours, amid a noticeable dip in daily trading volume, which is down 9.02% to $43.88 billion. Although it has taken a light hit, Bitcoin still has a healthy market cap of 2.12 trillion and a circulating supply of about 21 million within its max cap.
Real-time price action shows that it trades between $106.25K and $108K, indicating that indecision is prevailing in the market as traders digest macroeconomic signals and await possible injections. As volatility eases, the market looks to future changes that might swing the market, one way or another.
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