📢Signs of a Bull Market Return: ‼️Bitcoin Open Interest Increases Ahead of Breakout✴️
👉Strong signals of a significant Bitcoin rally are starting to emerge again. Quoted from Bitcoinist, Friday (2/5), data from CryptoQuant shows that Bitcoin's open interest in the futures market is approaching a crucial breakout zone that typically appears before major price surges in previous bull markets.
✴️"Every time open interest breaks through previous peaks, Bitcoin tends to be followed by a significant rally," it explained, referring to a chart showing this pattern occurring in the past.✴️
👉If this open interest level successfully breaks through the previous high, then the chances of Bitcoin setting a new price record are very high.
👉Other technical supports also strengthen this bullish narrative. The MVRV ratio indicator — used to measure market sentiment — shows an upward trend.
👉Meanwhile, the Bitcoin SOTT indicator recently triggered a green signal, a sign that has historically often preceded major price rallies.
🔥If this trend continues and Bitcoin manages to break through the psychological resistance around USDT 100,000 🔥
👉then the crypto market could re-enter a bullish euphoria phase not seen since the beginning of the year.
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