Bitcoin could drop by at least 22% in the coming weeks after open interest reaches record highs.
Bitcoin’s (BTC) price has rebounded by more than 7% seven days after hitting a two-week low of approximately $56,550, reaching around $71,560 on June 6. However, a sharp correction in the coming days is possible based on a number of technical and on-chain factors.
The latest recovery in BTC’s price has been fueled by a resurgence in spot Bitcoin exchange-traded funds (ETF) inflows that have surpassed $1.3 billion over the last two days.
BTC’s recent break above its November 2021 all-time high saw all the remaining long-term holders (LTHs) flip their unrealized losses into profit.