🚨Bitcoin Approaches Key Level, Open Interest Soars! 📈

Bitcoin is approaching a super critical price range, which could be its first real test of resistance. Just on October 21, Bitcoin broke through the $69,500 mark, which was set in late July when Trump and Robert Kennedy Jr. spoke at the Nashville Bitcoin Conference.

While Bitcoin's upward momentum continues, speculation in the futures market is also increasing as open interest soars to new highs. Bitfinex's report said that the market is closely watching the relationship between Bitcoin price and Trump's election odds. It seems that Trump's chances of winning and Bitcoin's price increase are closely linked, which may have driven a large part of the recent gains.

Analysts say that the relationship between political dynamics and cryptocurrency pricing is becoming more and more obvious, and everyone is keeping a close eye on the election situation while also evaluating the future price trend of Bitcoin and other digital assets.

Now, the price of Bitcoin is $67,200, just a step away from the $70,000 mark. If the election results and macroeconomic positives continue to drive the spot market up, Bitcoin may finally break out of the consolidation range that has lasted for eight months. But if spot demand is weak, we may see resistance at the high point of the range again.

Moreover, as Bitcoin continues to test resistance levels, global open interest (OI) is also soaring, exceeding $40.38 billion on the 19th and 21st alone. While this is generally seen as a sign of investor bullishness, Bitfinex analysts warned that this may have an impact on Bitcoin's price as traders prepare for potential market moves. If speculation and market fundamentals are inconsistent, it may lead to more volatility and sharp adjustments.

Finally, everyone should pay close attention to market dynamics, seize investment opportunities, and don't forget risk management!

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