Despite Bitcoin reaching $37,000 and showing strong gains, traders are skeptical of the recent price surge.
Material Indicators noted that there is no strong support for BTC at its current level and that volume is declining.
The lack of volume during this uptrend is concerning to some, as it could lead to a potential correction.
Skew pointed out that there is a large selling force at the $40,000 level, which could affect market sentiment.
Meanwhile, open interest in BTC futures has reached a 7-month high, indicating growing interest and potential for further price increases.
However, market commentator Tedtalksmacro cautioned that the market tends to fade these open interest impulses during bear markets.
Ultimately, the market's reaction to increasing open interest could be a key indicator of future price movement.
