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Bitcoin hovered about $ 108k when Google searches increased. The open interest reached $ 38.7 billion and the domain fell to 57%. Is $ 105,755 the next stop for BTC?
Bitcoin [BTC] He registered one of his weakest actions in recent months, since he fell to around $ 108,400 at the time of publication.
The analysis showed that despite the current fall, there may be space for a rebound in the next few days. Naturally, the interest of derivatives added intrigue, and the positioning of investors rises even when the price fell.
Google searches brands opportunities
An analysis of Google’s trends for cryptographic issues and entities showed a significant increase in search activity. Historically, such waves have coincided with the market peaks, indicating the short -term euphoria.
Source: Alfractal
According to Alphractal, smart investors generally take advantage of this level to sell, since it often indicates a top of the temporary market.
In fact, groups of investors are often sold in force in these peaks before re -entersing lower levels.
Derivatives and domain direct the debate
Bitcoin’s open interest (OI) increased significantly, capturing the total number of unstable derivative contracts in the market.
At the time of publication, OI stood at $ 38.7 billion, while Bitcoin’s price remained stable. That said, divergence suggested consolidation or indecision.
Source: TrainingView
Meanwhile, Bitcoin’s domain fell to 57%, below 60.8%.
This decrease suggested that Bitcoin can continue without a remarkable price movement for now, until the domain increases again, which would imply that more liquidity flows to the asset.
Source: Coinmarketcap
In the table, Bitcoin was negotiated in a precarious position, since the price had entered a demand level that previously acted as a catalyst for the ascending waves.
However, the roof of $ 111,917 limited each recovery attempt. If that barrier rejected the price again, a renewed sales pressure could arise.
Source: TrainingView
In particular, if the demand zone was broken, the inconvenience could be extended to $ 105,755, the next visible support. At this stage, the market faced the critical question: where does Bitcoin go below?
Spot vs Derysters: Who wins?
The opinions remain divided on whether the next Bitcoin movement will be a rally or a greater fall. Derived data, particularly financing rates, indicate the growing upward feeling.
At the time of writing, the rate stood at 0.0074%, indicating that there are longer positions than shorts. In this configuration, lengths pay financing rates, a trend that occurs when the market favors its address.
Source: Canderlasss
In addition to that, Spot Flows told a different story. Exchange Netflows showed about $ 60.7 million in BTC outings at the time of publication, which reflects the sale by points holders.
Until a camp affirmed the domain, derivatives or spot, the price of Bitcoin would probably be kept in scope.
