Bitcoin Market Strength Could Be More Than It Appears, Research Shows

Over the past two weeks, the world’s leading cryptocurrency has struggled to break definitively above the $116,000 price mark while also testing the $106,000 support. As Bitcoin consolidates around $110,000, the latest on-chain analysis suggests an exciting outlook despite the recent price struggles. Why Bitcoin Price Might Soon See Expansion In a QuickTake post on the CryptoQuant platform, XWIN Research Japan, a crypto research institution, explores the possibility of a price reversal in the Bitcoin market, saying the current consolidation might be representative of asset-building momentum. The institution’s optimistic conjecture relies on readings obtained from three important on-chain metrics. Firstly, XWIN Research Japan highlights that there has been a sharp drop in Open Interest across futures exchanges since its peak established in September. For context, the open interest is the total number of outstanding futures or options contracts that have not been settled or closed. A sharp decline in open...

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