Bitcoin has gradually been recovering with its price now hovering above $97,000 as of todaya noticeable increase from the $94,000 price mark seen earlier this week
This upward movement comes as analysts highlight significant trends in the perpetual futures markets that may indicate a substantial shift on the horizon.
One notable development is the increase in Bitcoins open interestan indicator of the total number of outstanding perpetual futures contracts on centralized exchanges.
According to ShayanBTC, a CryptoQuants QuickTake platform contributor, Bitcoin’s open interest has been steadily rising despite recent market volatility.
Shayan pointed out that this growth signals heightened activity within perpetual markets, which could lead to a decisive breakout in Bitcoins price. However, the direction of this move remains unclear as additional data is needed for a more precise forecast. Shayan noted:
This increase suggests that more activity is flowing into the perpetual markets, and the dominant direction of these positions will ultimately determine Bitcoins next significant move. If this trend persists, the market will likely experience a major breakout in the mid-term. However, the direction of this move remains uncertain, as additional data is required to make an accurate prediction.
In a separate analysis, CryptoQuants analyst CryptoOnChain presented a data-driven projection of Bitcoins near-term price movements.
By employing on-chain metrics and a deep learning model known as the Wave Net algorithm, CryptoOnChain estimated that Bitcoins price may fluctuate between $93,000 and $110,000 over the coming month.
The chart below shows the prediction of Bitcoin’s price for the upcoming month using on-chain data and deep learning with the Wave Net algorithm. As observed, this prediction indicates a fluctuating pattern for the next month. #Bitcoin #BTC #CryptoTrading pic.twitter.com/4Ki8TYE8Ui
CryptoOnchain (@CryptoOnchain) February 19, 2025
Meanwhile, Bitcoin is still trading below $100,000 with a current trading price of $97,136, at the time of writing. While this market price has managed to put BTC’s daily performance in green, on a broader scale, BTC is still somewhat bearish.
Over the past month, the asset has declined by 6.1% and its current trading price marks a 10.6% decrease away from its all-time high above $109,000 recorded last month.
According to a Crypto analyst known as RektCapital on X, Bitcoin price action so far is “performing the key technical steps to fully confirm the Bull Flag breakout to set itself up for trend continuation going forward.”
#BTC
The Bitcoin post-breakout retest of the Monthly Bull Flag is successful thus far
Price is performing the key technical steps to fully confirm the Bull Flag breakout so as to set itself up for trend continuation going forward
~$96700 needs to hold$BTC #Crypto #Bitcoin https://t.co/HXEsC7kN3p pic.twitter.com/OM6VCiUt5b
Rekt Capital (@rektcapital) February 20, 2025
Featured image created with DALL-E, Chart from TradingView
