Bitcoin Open Interest Reaches Record $55.7 Billion

Bitcoin's open interest in futures markets has soared to an all-time high of $55.7 billion, reflecting a significant surge in trading activity and investor engagement. This increase follows a previous low of $26.65 billion recorded on August 6, according to data from Coinglass.

Market Breakdown by Exchange

The Chicago Mercantile Exchange (CME) dominates the open interest landscape, holding approximately 32.3% of the total with 197,620 BTC valued at around $18 billion. Binance, the leading crypto exchange by trading volume, comes next with 19.47% of the total open interest, amounting to over 119,000 BTC worth approximately $10.86 billion. Bybit ranks third with 13.49%, representing 82,580 BTC or $7.53 billion, while Bitget and OKX hold about 9.9% and 7.91%, respectively.

Impact of Recent Market Trends

The recent spike in open interest correlates with a bullish price rally that began following the U.S. presidential election on November 5. Bitcoin's price surged dramatically, reaching a new all-time high of $93,480 before slightly retracting. Currently, Bitcoin is trading at $91,108, up 4% in the last 24 hours.

Resistance Levels and Market Indicators

Bitcoin is facing resistance at the $91,265 level, near its upper Bollinger Band. To maintain its upward trajectory, it must surpass this barrier. The Commodity Channel Index (CCI) recently peaked at 247, indicating overbought conditions, but has since retraced to 163.35. This divergence between the CCI and Bitcoin’s price may suggest a potential slowdown.

Potential Pullback Scenarios

If Bitcoin fails to break through the current resistance, a pullback could occur, with immediate support levels at $88,000, followed by $87,113 and $83,258. Nevertheless, the high open interest suggests that investor optimism remains strong, and a successful breach of $91,265 could lead Bitcoin to retest its recent all-time high above $93,000.