Buying pressure in the Bitcoin futures market has jumped to its highest level in about six weeks. Open interest is also rising quickly, indicating that market participants are building positions again.

On Oct. 2, on-chain analyst Axel Adler Jr. wrote that Bitcoin’s Positioning Pressure indicator had risen to 4.9. Over the past 90 days, the only higher reading was 5.1 on Aug. 19.

Open interest is also increasing rapidly. Bitcoin open interest rose about 3% over the past 24 hours, to 310,800 contracts from 301,900. Over the same period, Bitcoin climbed to $85,300 from $83,400. Compared with Sept. 30, open interest has increased by more than 15,000 contracts.

Still, rising open interest does not necessarily lead to further price gains. On Sept. 21, open interest also climbed to 347,300, but then fell by 52,000 over the following nine days.

Adler Jr. identified $85,000 and $83,000 as the next key price levels. Even if buying pressure weakens, Bitcoin holding above $85,000 could signal that it is preserving its recent gains.

By contrast, long positions opened above $83,000 could face larger losses if Bitcoin falls below that level. If those positions are liquidated, the decline could steepen further.