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On the daily chart, the asset has been making lower highs and lows over the past few weeks after getting rejected from the $4,000 resistance zone. The $3,500 level has also been lost, as the market has corrected all the way back to $3,000 and the 200-day moving average, located around the same price mark.
With the RSI also showing values above 50%, the momentum is in favor of a bullish continuation above the pattern and potentially toward the $4,000 area. This chart presents the open interest metric, which measures the number of open futures contracts across all exchanges. Higher values are usually associated with more volatility as the risk of rapid liquidation cascades increases.
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