$BTC Bitcoin Trades Above $100K, But Open Interest Lags — Analysts Urge CautionBitcoin reached $103,980 on Sunday, May 11, indicating a bullish sentiment.Open interest in BTC futures is still low at $61.3 billion, reflecting lower activity in the marketplace.Analysts predict a potential for a short-term correction due to subdued whale sentiment and subdued futures interest.

Bitcoin has experienced an incredible rally over recent time, reclaiming the coveted $100,000 mark. On May 11, Bitcoin reached an impressive $103,800, marking its highest level since January. The rebound has fueled optimism among investors, with a majority of them eager for further increases.

Despite the surge in prices, Bitcoin’s market capitalization remains stably at $2.06 trillion, reflecting a solid market presence. However, the surge has been insufficient to trigger meaningful movement within the derivatives market, suggesting volatility is on the horizon. Bitcoin’s 24-hour trading volume is now at $45.39 billion, an 18.13% rise.

However, despite Bitcoin’s price surge, the open interest in BTC futures has remained unusually low. Open interest is a crucial metric that indicates the total capital invested in BTC derivatives. A lack of increased activity in this area, typically seen during strong price rallies, has raised concerns among analysts.