Buyers are still in the process of absorbing Bitcoin's overhead supply around 65,000, and we're yet to see a decisive breakout.
We hate sounding like such a broken record about this level, but we really need to be downright obnoxious about its importance.
Though we think Bitcoin will eventually breakout, we wanted to dive deeper into the near-term risks associated with the leverage that speculators have recently adopted that elevates the risk of another potential long squeeze in the coming weeks.
In this chart, we're looking at Bitcoin's total open interest as well as the open interest held exclusively in perpetual future contracts. Since Bitcoin bottomed at the end of September, we've seen OI jump by a notable $11B in just 3-weeks.
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