Bitcoin continues to hold above the key support level of $106,000, reaching an intraday high of $108,300. Analysts note potential risks that may affect further price dynamics.
Major Risks for Bitcoin Price Rally
Recent price fluctuations of Bitcoin, combined with significant changes in open interest, indicate a need for caution among traders.
Binance Open Interest and Its Significance
According to a CryptoQuant on-chain analysis, Binance open interest (OI) hit 6% for the third time in two months. This pattern has historically coincided with profit-taking zones. Large inflows into leveraged positions often follow periods where short-term gains are realized, which can lead to potential price pullbacks or sideways movements.
Analysis of Miners' Revenue and Inflation Impact
According to CryptoQuant research, Bitcoin miners' revenue fell to $34 million a day, the lowest figure in a year. Low fees and a decline in Bitcoin price are eroding margins. Meanwhile, inflation data PCE is expected to be released, potentially impacting the market.
Despite the current risks and instability, some analysts remain optimistic about further growth in Bitcoin's price, emphasizing the importance of monitoring key indicators.
