#VietnamCryptoPolicy
Geopolitical tensions shake the crypto market again. Israel's airstrike on Iran some time ago triggered a sharp correction in Bitcoin prices. In a short time, the price of BTC briefly plunged to around US$103,000, before finally recovering to US$105,000.
The rapid and extreme movement of Bitcoin prices has made many traders and investors wonder: is this just a temporary retracement, or the beginning of a deeper correction?
Binance Open Interest Correlation As a Key Signal
One interesting indicator comes from Binance. Joao Wedson, an on-chain analyst and CEO of Alphractal, revealed in his analysis on Saturday (14/06) that the correlation between Open Interest (OI) on Binance and the current price of Bitcoin is sending signals that deserve attention.
According to Wedson, this correlation is now approaching a very critical level and could be a sign that the crypto market and Bitcoin are preparing to enter a phase of high volatility.
“When the correlation drops significantly (≤ 0.1), this often indicates opposing behavior between price and Open Interest (OI). Historically, this condition often precedes a major spike in Bitcoin price volatility,” he explained.
$BTC
Geopolitical tensions shake the crypto market again. Israel's airstrike on Iran some time ago triggered a sharp correction in Bitcoin prices. In a short time, the price of BTC briefly plunged to around US$103,000, before finally recovering to US$105,000.
The rapid and extreme movement of Bitcoin prices has made many traders and investors wonder: is this just a temporary retracement, or the beginning of a deeper correction?
Binance Open Interest Correlation As a Key Signal
One interesting indicator comes from Binance. Joao Wedson, an on-chain analyst and CEO of Alphractal, revealed in his analysis on Saturday (14/06) that the correlation between Open Interest (OI) on Binance and the current price of Bitcoin is sending signals that deserve attention.
According to Wedson, this correlation is now approaching a very critical level and could be a sign that the crypto market and Bitcoin are preparing to enter a phase of high volatility.
“When the correlation drops significantly (≤ 0.1), this often indicates opposing behavior between price and Open Interest (OI). Historically, this condition often precedes a major spike in Bitcoin price volatility,” he explained.
$BTC