Bitcoin's recent rise above $52,000 has caused excitement among crypto enthusiasts around the world. However, in the midst of this optimism, a cautious signal from a prominent analyst has raised concerns among traders about a possible correction in the price of BTC. It is important to note that, despite the bullish momentum shown by Bitcoin Futures open interest, the warning raises questions about the stability of the current rally.
In a recent X post, leading crypto analyst Ali Martinez issued a warning for traders to be cautious about Bitcoin's short-term prospects. In the latest update, Martinez highlighted a sell signal from the TD Sequential indicator on Bitcoin's daily chart, which indicates a possible price correction.
Specifically, Martinez highlighted the indicator's record, stating that all buy and sell signals generated since December 2023 have been confirmed. Meanwhile, this warning emphasizes the importance of closely monitoring market indicators, especially during periods of increased volatility.
However, on the other hand, Bitcoin Futures Open Interest data shows a different picture, which is strong bullish momentum. Based on CoinGlass data, there was a 4.37% increase in Bitcoin Futures Open Interest in the last 24 hours, reaching 466.92K BTC. Specifically, the current surge marks the highest level observed since November 2021, when Bitcoin price touched an ATH of around $69,000.
Attention to exchanges, CME, Binance, and Bybit have all experienced significant spikes in excitement among users, reflecting increased interest and confidence in Bitcoin futures trading. Specifically, the CME Exchange led the surge in Bitcoin trading volume, up 5.29% in the last 24 hours to reach 130.07K BTC. At the same time, Binance and Bybit experienced jumps of 3.36% and 3.95% to 115.56K BTC and 78.01K BTC, respectively.
While Martinez's warning generally echoes the possibility of a price correction in the short term, the surge in Bitcoin Futures Open Interest indicates continued bullish sentiment among traders.
