The cryptocurrency market has experienced a period of stagnation, with Bitcoin (BTC) trading within a narrow range for the past week. Correlation Between Open Interest And BitcoinNotably, the correlation between Open Interest and Bitcoin’s price has historically been significant, suggesting that this surge may herald a potential reversal in the leading cryptocurrency’s fortunes. Over the past week, the overall crypto market has experienced a period of stagnation, with Bitcoin trading within a tight range of $28,900 to $29,200. One crucial aspect to consider is the historical correlation between Open Interest and the price of Bitcoin. As Open Interest reaches new highs, it suggests that market participants are actively taking positions in anticipation of a significant market shift.
