Bitcoin Open Interest Climbs—Is a Market Breakout Around the Corner?

Bitcoin has gradually been recovering with its price now hovering above $97,000 as of today—a noticeable increase from the $94,000 price mark seen earlier this week

This upward movement comes as analysts highlight significant trends in the perpetual futures markets that may indicate a substantial shift on the horizon.

Bitcoin’s Open Interest Points to Possible Market Shift

One notable development is the increase in Bitcoin’s open interest—an indicator of the total number of outstanding perpetual futures contracts on centralized exchanges.

According to ShayanBTC, a CryptoQuant’s QuickTake platform contributor, Bitcoin’s open interest has been steadily rising despite recent market volatility.

Shayan pointed out that this growth signals heightened activity within perpetual markets, which could lead to a decisive breakout in Bitcoin’s price. However, the direction of this move remains unclear as additional data is needed for a more precise forecast. Shayan noted:

This increase suggests that more activity is flowing into the perpetual markets, and the dominant direction of these positions will ultimately determine Bitcoin’s next significant move. If this trend persists, the market will likely experience a major breakout in the mid-term. However, the direction of this move remains uncertain, as additional data is required to make an accurate prediction.

Deep Learning Projections Offer Mixed Signals

In a separate analysis, CryptoQuant’s analyst CryptoOnChain presented a data-driven projection of Bitcoin’s near-term price movements.

By employing on-chain metrics and a deep learning model known as the Wave Net algorithm, CryptoOnChain estimated that Bitcoin’s price may fluctuate between $93,000 and $110,000 over the coming month.

The chart below shows the prediction of Bitcoin’s price for the upcoming month using on-chain data and deep learning with the Wave Net algorithm. As observed, this prediction indicates a fluctuating pattern for the next month. #Bitcoin #BTC #CryptoTrading pic.twitter.com/4Ki8TYE8Ui

— CryptoOnchain (@CryptoOnchain) February 19, 2025

Meanwhile, Bitcoin is still trading below $100,000 with a current trading price of $97,136, at the time of writing. While this market price has managed to put BTC’s daily performance in green, on a broader scale, BTC is still somewhat bearish.

Over the past month, the asset has declined by 6.1% and its current trading price marks a 10.6% decrease away from its all-time high above $109,000 recorded last month.

According to a Crypto analyst known as RektCapital on X, Bitcoin price action so far is “performing the key technical steps to fully confirm the Bull Flag breakout to set itself up for trend continuation going forward.”

#BTC

The Bitcoin post-breakout retest of the Monthly Bull Flag is successful thus far

Price is performing the key technical steps to fully confirm the Bull Flag breakout so as to set itself up for trend continuation going forward

~$96700 needs to hold$BTC #Crypto #Bitcoin https://t.co/HXEsC7kN3p pic.twitter.com/OM6VCiUt5b

— Rekt Capital (@rektcapital) February 20, 2025

Featured image created with DALL-E, Chart from TradingView