Bitcoin Price Update

1. The $58,500 level is being retested and is seen as bullish support. This is good news if you are paying attention.

2. Open interest has dropped by about 11% since we last visited this area.

3. The $60,500 level is the next resistance area.

P.S. Altcoin open interest has been destroyed.

People are not actively using leverage to invest in altcoins. This is a good sign, but we need to hold $58,500 to get upside.