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Bitcoin open interest is testing a yearly high range of $35B while spot volumes remain skewed towards the sell side, indicating higher downside volatility.
Bitcoin’s (BTC) monthly price chart is less than 48 hours away from completing a bullish engulfing pattern for the first time in more than 18 months. The last time this happened was in January 2023, marking the bearish bottom from 2022.
Bitcoin 1-month chart. Source: TradingView
While Bitcoin’s long-term trend for Q4 and early 2025 looks positive, recent signs indicate there might be downside volatility in the short term.
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