Bitcoin’s recent $12B open interest wipeout was essential, says analyst

A crypto analyst says that the massive Bitcoin open interest reset may present good opportunities in the near term if history repeats itself.

Bitcoin’s nearly $12 billion open interest shakeout earlier this month might be just the catalyst needed for the asset to regain its upward momentum, according to a crypto analyst.

“This can be considered as a natural market reset, an essential phase for sustaining a bullish continuation,” CryptoQuant contributor DarkFost said in a March 17 markets report.

“Looking at historical trends, each past deleveraging like this has provided good opportunities for the short to medium term,” the analyst said.

Read more