Bitcoin Open Interest Hits $85 Billion as BTC Breaks Price Odds

In a dramatic turn of events, Bitcoin (BTC) is demonstrating robust performance, breaking past all odds, trading at $122,357, and marking a 3.9% increase within 24 hours.

Moreover, the market is already exhibiting sensitivity to these impending events, as evidenced by Bitcoin’s open interest reaching an all-time high of $85 billion, according to Coinglass data. This substantial increase in open interest indicates a strong expectation among traders for significant price movements, prompting them to establish strategic positions in anticipation of these changes.

This upward trajectory is further substantiated by a more than 12% gain over the past week, signaling a continuation of its bullish momentum against other financial assets. Several key factors are contributing to this surge, drawing analytical potential towards a new target of $136,000.

Why is BTC Surging?

One of the primary catalysts propelling Bitcoin’s recent gains is the anticipation surrounding the upcoming US House vote on several crypto-focused bills.

During Crypto Week 2025, scheduled from July 14th to July 18th, lawmakers will be debating critical legislation, including the Clarity Act, which aims to delineate regulatory responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Such legislation will likely significantly impact Bitcoin’s price performance. Furthermore, this week’s forthcoming Consumer Price Index (CPI) and Producer Price Index (PPI) data releases will likely reignite discussions about whether the Federal Reserve will reduce interest rates. Furthermore, speculation surrounding a possible interest rate cut this month has also catalyzed Bitcoin’s price appreciation.

Experts Opinion

Bitcoin’s price has stayed within an upward trend, which has acted as a strong barrier since early 2024. The coin has hit this barrier twice before and is now getting ready for a third try, which could lead to a new record high.

If this upward trend continues, the primary barrier will likely be the 123.6% Fibonacci level of $136,000, where the market could set a record high. The current price movements, with Bitcoin hitting new highs, show that buyers can reach this level if they continue to push.

Looking at the Relative Strength Index (RSI), which is now at 71, suggests Bitcoin’s price might be getting too high. However, past RSI data shows that Bitcoin’s long-term view is still positive, with room to grow before a significant drop is likely. Moreover, Experts have identified a crucial barrier at $124,000, which Bitcoin must overcome before advancing towards $136,000 due to the rise in US debts.

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