[Analysis] "Bitcoin Open Interest Increases by 50% in Two Months... Bull Market Expected to Resume"

An analysis has emerged suggesting that a Bitcoin (BTC) rally will resume soon.

Cryptocurrency analysis firm Matrixport stated in a report on the 30th that "Bitcoin has been giving back its gains from the past few weeks," and noted that "open interest in Bitcoin futures surged by 50% from $18 billion in October to $29 billion recently." They further commented, "After such a rapid increase in positions, the bull market often resumes after a short correction."

There is also a possibility that the Bitcoin rally could resume early next year. Matrixport mentioned, "This pattern is likely to repeat, especially when trading volumes are low during the Christmas holidays," adding, "Traders are watching to see if the rally will restart with the influx of funds in the new year."