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Following the recent surge in the leading cryptocurrency unit, investors have once again turned their attention to Bitcoin (BTC). A crypto analyst, who previously made calls on Bitcoin, claimed that BTC shows signs of a sustainable upward trend.
“Leveraged Trading in Bitcoin Decreasing!”
Credible Crypto, a crypto analyst closely followed by investors, stated that the open positions (OI) of the leading cryptocurrency are decreasing, which indicates that highly leveraged investors are being sidelined.
Investors closely monitor the leveraged open long and short positions on Bitcoin to gauge the open positions of BTC. Low OI levels after the Bitcoin rally could indicate that the rally is being driven by spot market accumulators rather than speculators. The expert made the following comments on the matter:
The OI on Binance has returned to the levels we saw before this recent surge, while the price is maintaining its gains. This is exactly what we want to see during a healthy upward trend. More to come soon, I think. If we can achieve this, a drop to $28,900-$29,100 would be healthier… It is being tortured with increasing negative funding in a fluctuating manner. Ultimately, there may not be much of a decline.
Will the BTC Rally Continue?
In addition, the analyst emphasized that Bitcoin’s recent surge towards $30,000 is likely a precursor to a much larger rally, concluding his comments as follows:
This increase towards $30,000 in Bitcoin was just an initial surge… To be frank, I believe this movement has just begun, and we still have a long way to go as long as we continue to build an upward market structure.
At the time of writing, according to data obtained from the website 21milyon.com, the value of Bitcoin is at $30,077. As a result, Bitcoin analyst Credible Crypto emphasized that with the decreasing open positions and the rise focused on the spot market, BTC is preparing for a major rally.
