• Bitcoin Open Interest Soars While Exchange Supply Plummets

• Price Correction Could Send BTC Down to $66,000 or Even $62,000

Bitcoin [BTC] has been on a steady rise for a week. In fact, the latest uptrend has seen the king coin surpass the $68,000 mark on the price chart. However, the current trend could change soon, even if only for a short while.

This is especially true when bearish divergence appears on the Bitcoin price chart.

Bitcoin's Main Strengths

According to CoinMarketCap, the cryptocurrency has increased in value by more than 9% over the past week, allowing it to rise above $68,000. TinTucBitcoin has previously reported a number of developments that may have played a role in BTC's most recent rally.

For example, the amount of Bitcoin held on exchanges has dropped to a five-year low. This clearly shows that buying is dominating the market, suggesting a potential price increase.

In addition, TinTucBitcoin also reported that BTC Open Interest has increased sharply. Specifically, Bitcoin Open Interest has reached the $20 billion mark, only 8% away from reaching its all-time high. Whenever this index increases, it usually means that the possibility of the current price trend continuing is very high.

Satoshi Club, a popular X account that shares crypto-related updates, recently tweeted out another important development. According to the tweet, the amount of BTC held by addresses that purchased in the last 12 months is at a two-year high. This trend has been fueled by a $2.1 billion surge in ETF inflows over the past five days.

However, not everything is going well for the king coin. Ali, a popular cryptocurrency analyst, shared a tweet mentioning a bearish divergence. This suggests a possible short-term price correction. So, it is worth paying closer attention to the current state of Bitcoin.

Source: X

Is a price correction inevitable?

TinTucBitcoin’s analysis of CryptoQuant data revealed some interesting indicators. For example, the king coin’s binary CDD is green, meaning that the movement of long-term holders over the past 7 days is lower than average. They have an incentive to hold their coins.

However, aSORP shows that more and more investors are selling at a profit. In the middle of a bull market, this could indicate a market top.

Furthermore, NULP is also negative, as it indicates that investors are in a high confidence stage where they are in a state of large unrealized profits.

Source: CryptoQuant

Finally, we looked at Bitcoin's daily chart to find support levels where the coin could fall in the event of a price correction.

According to our analysis, a price correction could see BTC fall back to $66,000. If it falls below that level, the coin could continue to fall to $62,800.

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