Just had a chance to take a closer look at $BTW ’s movement on Binance Futures. In short, BTW is extremely bullish in the short term, but its price action is wild,
The price was pumped back close to its ATH, around $1.734, rising more than 24% in 24 hours with volume topping $113M. But here’s what makes it interesting: Open Interest (OI) actually seemed to drop by around 1.8% when this post was being written,
When the price rises sharply but OI declines, it usually suggests the rally is driven by positions being closed (possibly due to a short squeeze or futures positions being liquidated when the price briefly flash-dumped to $1.245), rather than by a buildup of new futures long positions.
A few key points to keep an eye on:
¤ Extreme volatility: the price was briefly slammed down to $1.245 before recovering to $1.68–$1.72. The buyback was strong, but the pace is enough to make your heart race.
¤ The Funding Rate is still relatively normal/slightly positive (+0.0050% every 4 hours); there’s no sign of an excessive overcrowding of longs yet.
¤ Sentiment & Tokenomics: Following yesterday’s Binance Wallet incentives, $BTW is still holding up, even though there was just a token unlock of around 101M BTW in early October. But remember, the next unlock is coming on November 2, and only around 27–29% of the total token supply is currently in circulation.
Price-Level Scenarios:
It could set a new record if it breaks out and holds steadily above $1.734–$1.740—especially if OI starts rising again.
The nearest support zone: it needs to hold around $1.68–$1.69 to maintain its bullish structure. If it breaks below $1.62, it could enter a consolidation phase or correct toward the $1.56–$1.59 area first.
$BTW is still showing strong short-term momentum, but since OI hasn’t yet confirmed the price rise and the price action is extremely aggressive, it’s better to watch how the price reacts around the ATH before giving in to FOMO.
The price was pumped back close to its ATH, around $1.734, rising more than 24% in 24 hours with volume topping $113M. But here’s what makes it interesting: Open Interest (OI) actually seemed to drop by around 1.8% when this post was being written,
When the price rises sharply but OI declines, it usually suggests the rally is driven by positions being closed (possibly due to a short squeeze or futures positions being liquidated when the price briefly flash-dumped to $1.245), rather than by a buildup of new futures long positions.
A few key points to keep an eye on:
¤ Extreme volatility: the price was briefly slammed down to $1.245 before recovering to $1.68–$1.72. The buyback was strong, but the pace is enough to make your heart race.
¤ The Funding Rate is still relatively normal/slightly positive (+0.0050% every 4 hours); there’s no sign of an excessive overcrowding of longs yet.
¤ Sentiment & Tokenomics: Following yesterday’s Binance Wallet incentives, $BTW is still holding up, even though there was just a token unlock of around 101M BTW in early October. But remember, the next unlock is coming on November 2, and only around 27–29% of the total token supply is currently in circulation.
Price-Level Scenarios:
It could set a new record if it breaks out and holds steadily above $1.734–$1.740—especially if OI starts rising again.
The nearest support zone: it needs to hold around $1.68–$1.69 to maintain its bullish structure. If it breaks below $1.62, it could enter a consolidation phase or correct toward the $1.56–$1.59 area first.
$BTW is still showing strong short-term momentum, but since OI hasn’t yet confirmed the price rise and the price action is extremely aggressive, it’s better to watch how the price reacts around the ATH before giving in to FOMO.