Bitcoin Futures Turn Bullish As Traders Flip Long
Bitcoin (BTC) futures open interest surged by 7% over the past 30 days, indicating a potential bullish sentiment shift among traders. A confirmed breakout may require open interest growth exceeding 10% alongside increasing trading volumes. The Bitcoin Futures Market Power v2.0 indicator is at 22,000, reflecting growing long-side pressure without signs of overheating. Net futures positioning has flipped positive, with net long exposure at $27.4 million, suggesting traders are building long positions near $108,000 in anticipation of a breakout. Bitcoin experienced a minor pullback to $108,000 after reaching $109,500, forming a double top. A dip below $107,300 is likely, targeting resting liquidity and potentially leading to a stop-loss hunt. A move below $107,000 could fill a fair value gap between $107,000 and $106,300. A strong bullish reaction is crucial below $107,000 to maintain upward momentum. Conversely, defending $108,000 and breaking above $109,500 could initiate a rally above $112,000.
