Bitcoin futures buying pressure hits 4.9 as open interest rises nearly 9,000 BTC

  • Bitcoin futures buying pressure rose to 4.9, according to analyst @AxelAdlerJr.
  • Nearly 9,000 BTC was added to futures open interest within 24 hours.
  • The reading was nearly five standard deviations above the prior week's average.

Bitcoin futures buying pressure rose to 4.9, its highest level since Aug. 19, while open interest increased by nearly 9,000 BTC over 24 hours. Crypto analyst @AxelAdlerJr said buying pressure accumulated over the previous 12 hours was nearly five standard deviations above the average for the prior week. The analyst said Bitcoin's advance could continue if the price remains above $85,000 as upward momentum weakens, while a break below $83,000 could accelerate declines as newly opened long positions are closed.

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