Bitcoin (BTC) recently surpassed $100K for the fourth time, with market sentiment shifting to greed as the price ranged between $90,000 and $100,000 throughout this week. Support Remains Strong There are various reasons why BTC rose above $100K again, chief among which being the upcoming inauguration for Donald Trump. After reaching a high of around $108,000 on December 17th, Bitcoin has posted a series of lower highs, similar to the 2024 consolidation phase. The $90,000 level remains strong support, with Bitcoin holding above it since November 18th, except for a brief dip on January 13th. Leverage also plays a key role in gauging market sentiment, seen through Bitcoin futures OI (Open Interest). Spot-Driven Data by Coinglass shows the aforementioned OI has dropped to 621,000 BTC ($61.6 billion), its lowest since early November, indicating recent price action has been more spot-driven than leverage-driven. For accurate analysis, it is important to track open interest in Bitcoin terms rather than nominal value, which fluctuates with price. Still, all eyes are on the flagship crypto now, as investors hope the correction is all but over.
