Bitcoin's 'Violent' Breakout Is Due As BTC Open Interest Approaches All-Time High
Bitcoin futures open interest is almost higher than ever, but its composition is completely different from last year, reveals an analysis.
!['Violent' Bitcoin breakout due as BTC open interest nears all-time high](https:// images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmUyNWZmZGUtMzZkOS00NDBiLWI3M2YtNTA0ZWEyMmFlN2NjLmpwZw==.jpg)
Bitcoin (BTC) remained limited at the opening of Wall Street on October 6, with traders already anticipating a “violent” breakout.
![](https://s3.cointelegraph.com/uploads/2022-10/3af24350-3ee5-4a38-be37-b9f8b677d760.png)
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rose and fell by just a few hundred dollars on the day.
The high of $20,000 was the centerpiece of the pair, which followed the consolidation of US stocks and the strength of the dollar.
With no one-time catalyst in sight over short time frames, on-chain analysis resource Whalemap turned to large-scale buy and sell points to sketch out likely support and resistance.
On the downside, $19,174 marked the site of whale buybacks, suggesting its continued strength as a line in the sand.
Upside progress, meanwhile, should face a cloud of resistance at $21,500.
"Don't get distracted by noise," the Whalemap team commented alongside a graph showing key levels overnight.
![](https://s3.cointelegraph.com/uploads/2022-10/3614cb80-b9da-4d5e-9401-192289b1f7aa.png)
As Cointelegraph reported,
![Bitcoin's 'Violent' Breakout Is Due As BTC Open Interest Approaches All-Time High](https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmUyNWZmZGUtMzZkOS00NDBiLWI3M2YtNTA0ZWEyMmFlN2NjLmpwZw==.jpg?#)
Bitcoin futures open interest is almost higher than ever, but its composition is completely different from last year, reveals an analysis.
!['Violent' Bitcoin breakout due as BTC open interest nears all-time high](https:// images.cointelegraph.com/images/1434_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmUyNWZmZGUtMzZkOS00NDBiLWI3M2YtNTA0ZWEyMmFlN2NjLmpwZw==.jpg)
Bitcoin (BTC) remained limited at the opening of Wall Street on October 6, with traders already anticipating a “violent” breakout.
![](https://s3.cointelegraph.com/uploads/2022-10/3af24350-3ee5-4a38-be37-b9f8b677d760.png)
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rose and fell by just a few hundred dollars on the day.
The high of $20,000 was the centerpiece of the pair, which followed the consolidation of US stocks and the strength of the dollar.
With no one-time catalyst in sight over short time frames, on-chain analysis resource Whalemap turned to large-scale buy and sell points to sketch out likely support and resistance.
On the downside, $19,174 marked the site of whale buybacks, suggesting its continued strength as a line in the sand.
Upside progress, meanwhile, should face a cloud of resistance at $21,500.
"Don't get distracted by noise," the Whalemap team commented alongside a graph showing key levels overnight.
![](https://s3.cointelegraph.com/uploads/2022-10/3614cb80-b9da-4d5e-9401-192289b1f7aa.png)
As Cointelegraph reported,
What's Your Reaction?
![like](https://vidianews.com/assets/img/reactions/like.png)
![dislike](https://vidianews.com/assets/img/reactions/dislike.png)
![love](https://vidianews.com/assets/img/reactions/love.png)
![funny](https://vidianews.com/assets/img/reactions/funny.png)
![angry](https://vidianews.com/assets/img/reactions/angry.png)
![sad](https://vidianews.com/assets/img/reactions/sad.png)
![wow](https://vidianews.com/assets/img/reactions/wow.png)