Bitcoin and the aggregated crypto markets are currently entering a bout of sideways trading that comes just days after the massive rally that sent BTC to highs of $9,500 occurred.<\/p>\n
The market structure that has developed as a result of the consistent gains seen by Bitcoin throughout 2020 highly favors bulls and has led many analysts to believe that the crypto could soon see significantly further upwards momentum.<\/p>\n
In spite of this widespread optimism, there is one largely overlooked factor that could spell trouble for where Bitcoin trends next.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $9,350, which marks a slight decline from its recent highs of $9,500 that were set at the peak of the recent rally.<\/p>\n It is important to note that although BTC is currently trading down slightly from its recently established 2020 highs, the crypto has been able to maintain above its previous year-to-date highs of $9,250 over the past 48 hours.<\/p>\n Holding above this level is certainly a bullish sign<\/a>, and it does appear that traders are anticipating the markets to see further volatility in the near-term, which is elucidated while looking at BTC\u2019s rapidly growing open interest.<\/p>\n \u201cMex OI at $1B,\u201d Hsaka \u2013 a popular cryptocurrency analyst on Twitter \u2013 said while referencing the Bitmex OI chart seen below.<\/p><\/blockquote>\n Mex OI at $1B.$BTC<\/a> pic.twitter.com\/A80CyPqEH0<\/a><\/p>\n — Hsaka (@HsakaTrades) January 30, 2020<\/a><\/p><\/blockquote>\n\n