Bitcoin futures open interest (OI) has increased by 7% over the past month, highlighting strengthening bullish momentum in derivatives markets. This upward trend reflects growing trader confidence despite awaiting further indicators for definitive breakout confirmation.
Market analyst Axel Adler Jr. emphasizes that while rising OI demonstrates optimism, breakout confirmation would ideally require OI growth exceeding 10% alongside expanding trading volumes. The current trajectory remains below this analytical threshold, warranting cautious market observation.
Adding to the bullish signals, net long exposure for Bitcoin futures has turned definitively positive. Current positioning shows approximately $27.4 million in net long exposure, indicating sustained optimism among institutional and large-scale traders.
Technical analysis suggests potential near-term volatility. Indicators point toward Bitcoin possibly retesting the $107,300 support level before resuming its upward trend. Key technical barriers stand firm, with major support established at $108,000 and immediate resistance presenting at the $109,500 price point.
Should Bitcoin achieve a decisive break above the $109,500 resistance level, market analysts anticipate a significant technical shift. Such a move would likely invalidate the observed double-top formation on price charts, paving the way for a potential rally targeting the $112,000 mark.