The past few days have been remarkably positive for Bitcoin , the leading crypto asset, as it surges to a new all-time high above the $125,000 price mark. However, as Tuesday drew to a close, the crypto king experienced a slight pullback. During the notable upward performance in price, several metrics, such as the Futures Open Interest, have flipped bullish once again. A Resurgence In Bitcoin Futures Open Interest Bitcoin investors are exhibiting a bullish trend in light of the recent upside move in BTC’s price to a new all-time high . With momentum still present, Glassnode, a leading financial and on-chain data analytics platform, has disclosed a shift in the key BTC Futures Open Interest (OI) metric. After thorough examination, the on-chain platform observed that the Futures Open Interest is rising sharply, a testament to a heating derivatives market. This ongoing rise reflects a robust wave of renewed bullish sentiment, and investors seem to be reentering the market with conviction. In a period of strong upside action, these investors might be positioning themselves for the next upward trend. According to Glassnode, the metric experienced a sharp increase as traders added longs during the breakout to new all-time highs. While the price of Bitcoin has slightly pulled back, the flagship asset is currently testing these positions, which aids in resetting leverage. In the meantime, monitoring this metric is vital because it will be key to observing where buyers intervene and whether support levels generate fresh demand . In another X post , the on-chain platform has outlined several price levels acting as the next areas of support against recent drawdowns. Using the Cost Basis Distribution Heatmap, Glassnode has highlighted a thin support between the $121,000 and $120,000 price level. In addition to this, the thin support range is a cluster near $117,000, where over 190,000 BTC were last purchased. It is important to note that a decline into this area may draw in more demand as recent buyers defend this level. No Selling Pressure From Derivatives Market Given the recent upward momentum, selling pressure from the derivatives market has significantly decreased. Darkfost, an author at CryptoQuant, reported the development after investigating the BTC Net Taker Volume metric, which compares the size of sell and buy orders on the derivative markets. While selling pressure is reducing, it simply means that the measure has turned positive. When extreme levels are achieved during bull market phases , the expert claims it is frequently an intriguing moment to enter the market. As of Tuesday, the monthly average of net taker volume has shifted from an extreme low of –$400 million to an almost perfectly neutral level. This hints at a true shift in dominance between buying and selling pressure, and a similar trend happened during the April correction. When that occurs, derivative activity becomes a solid support for the movement of Bitcoin. As the metric undergoes a change, Darkfost pointed to a potential opposite extreme, suggesting a fast, sharp move into strongly positive territory.
