According to Cointelegraph: Bitcoin's price returned to an intraday trading focal point at around $52,000 ahead of the weekly close on February 18, providing bulls with a profitable weekend position. Following a drop to a several-day low of $50,680, BTC price bounced back nearly $1,500, without retesting the lows at the time of writing.
Open interest (OI) on CME Group's Bitcoin futures markets reached a record high of $6.8 billion, indicating potential impending volatility according to data from CoinGlass.
However, examining the open interest denominated in BTC exposed a divergence, highlighting that the rally since October has been healthy in terms of leverage, with neutral rate funding and lower open interest in Bitcoin terms. The value increased in USD due to an appreciation in Bitcoin's value.
For Bitcoin’s relative strength index (RSI) to maintain its upward trend into the weekly close, bulls need to sustain the momentum according to the trader Skew. He pointed out that the 21-period exponential moving average (EMA), currently at $51,500, is also significant. Another trader, Matthew Hyland, regards $49,000 as a pivotal mark to safeguard for this week's close.
