Bitcoin open interest nears $23B as analyst warns of BTC price euphoria
2024-10-29

Bitcoin BTCUSD needs a stronger breakout to secure a “multi-month long uptrend,” a popular analyst says.
In his latest X content on Oct. 29, trader and ex-fund manager Aksel Kibar cautioned on overly bullish BTC price sentiment.
Kibar: BTC price resistance looms for October
Bitcoin may be attacking resistance near all-time highs, but for some, BTCUSD still has some convincing to do.
Market strength is already making traders blind to risk, Kibar suggests.
“Everyone is trying to force their positions with their analysis,” he argued, uploading a monthly chart. 

Analyzing long-term price action, Kibar said that monthly candle closes above $73,700 were needed to confirm a reliable BTC price breakout.
“I'm waiting for that monthly breakout, the way I did on GOLD. Because that will start a multi-month long uptrend from current levels,” he concluded, referencing gold’s year-to-date performance.
The post referenced earlier analysis from September, which nonetheless described BTCUSD pressuring all-time high resistance as “super bullish.”
“I'm not a bull or bear. I'm trying to read the price chart for possible advantage I can gain from price action,” he added in part of another post on the day.
Bitcoin open interest sparks mixed emotions
Other market commentators expressed concern over mushrooming open interest (OI) across trading venues.
“Risk management should be thorough,” Crypto_Lion, a contributor to onchain analytics platform CryptoQuant, advised in one of its Quicktake blog posts on the day.
CryptoQuant data estimated OI at approximately $22.7 billion at the time of writing. Reacting on X, fellow contributor Axel Adler Jr. said that roughly 50% of the tally was “held by bears.”
“There’s no need to hesitate in liquidating them to drive the price up,” he summarized.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.