Bitcoin's Open Interest has held at the highs, with little to no pull back yet as price has held at the highs also.
The Funding Rate remains north of 0.01%, meaning that Longs are paying a premium to Shorts to be Long.
The amount of leverage isn't majorly frothy yet, but it's moving that way. We're likely due for a flush out at some point in the short-term, meaning late Buys/Longs looking to get in now, would be vulnerable to that potential flush out
Technical analysis
BTC remains close to the all-time highs and consolidating just beneath them.
Price is seemingly forming the bull flag pattern as we expected it might, we just needed more time for price to develop and for the structure to form.
A bull flag breakout would have an upside target of $130k.
To the upside, the main horizontal resistance is at the all-time high of $123,000. Another resistance, although not a heavy one, is the top border of the bull flag.
Should price break down and invalidate the bull flag (although not our base case), the support zone remains between $112k-$115k. We'd be aggressive buyers should BTC revisit this zone.
With price consolidating just below all-time highs, this has allowed the RSI time to reset, with it now pulling back below overbought territory and it's below its moving average. This is a healthy reset so far.
