Bitcoin futures sentiment shifts to bullish as traders increase long positions, potential for upside

Bitcoin futures open interest has increased by +7% in the past 30 days, signaling a bullish sentiment shift. Market momentum indicator shows rising long-side buy pressure. Aggregated OI for Bitcoin futures surged, hinting at potential upside as traders seek volume and leverage. Researcher advises caution until OI grows over +10%.

Bitcoin net futures positioning turns positive with net long exposure at $27.4 million. Traders stacking long positions as BTC consolidates near $108,000. Potential dip below $107,000 expected before any upside continuation. Equal lows around $107,300 may see a stop-loss hunt. Failure to defend $108,000 could lead to losses at $105,000.

Swift bullish reaction crucial below $107,000 to maintain support above $108,000. Break above $109,500 could invalidate equal highs retest narrative, paving the way for a rally above $112,000 this week. Traders advised to conduct own research before making investment decisions.

Read more at Cointelegraph: Bitcoin Futures Turn Bullish As Traders Flip Long