BlockBeats News, October 3rd, according to CoinGlass data, the total open interest (OI) of Bitcoin futures across all exchanges has hit a new all-time high of $88.7 billion today. Currently, the Bitcoin price is consolidating around $120,000.
The record open interest indicates that the leverage level in the derivatives market is too high. Trader BitBull has predicted that Bitcoin and altcoins will experience a “large-scale leverage liquidation” in the next 1-2 weeks. He believes that the liquidation will force some traders to sell off, but after that, the market will rebound again and reach new highs.
Other analysts have different views. Trader CrypNuevo believes the upside target is around $123,200. Trader Roman, on the other hand, points out bearish divergences on the daily and weekly chart levels, warning of the risk of a weakening momentum. CoinGlass data shows that current support liquidity is primarily concentrated around $118,500.
