Bitcoin ($BTC), the leading crypto asset, is still going through a pullback despite a visible ease after the wide-scale leverage flush. Even though the cascading liquidation risk is below its peak levels, Bitcoin ($BTC) is facing considerable resistance while seeking a rise in open interest (OI). As per the data from Axel Adler Jr., a well-known crypto analyst, the flagship cryptocurrency is eyeing short relief rebounds. In this respect, it is endeavoring to overcome the growing downside pressure.
Bitcoin Eyes Reversal from Ongoing Pullback Zone
Based on the new market data, though the leverage flush has calmed to a significant extent, Bitcoin ($BTC) is within the pullback zone. However, the top crypto coin is looking for a rise in open interest (OI). The respective growth could reportedly denote a reversal signal. Additionally, as the historical statistics reveal, open interest (OI) ratios and leverage dynamics, along with pressure scores, have been shaping the price trends.
Flagship Crypto Needs Joint OI and Price Growth for Clear Reversal
According to Axel Adler Jr., Bitcoin’s ($BTC) current pressure score is considerably down at 17.8%. Even then, there is a possibility for further pullback, irrespective of the notable decrease in leverage flush. At the same time, the open interest (OI) is standing at 315.3K. Keeping this in view, there is a need for a joint growth spree in Bitcoin’s ($BTC) open interest and price levels to mark a clear, sustainable upward shift.
