Bitcoin Surges Above $100K Again as Open Interest Spikes to Record Levels in 2025

Open interest in BTC futures started to rise at around 5 a.m. according to data from CoinGlass and have moved from $64.9 billion to $67.8 billion as of now for a 4.5% increase in just 10 hours.

Today, BTC’s open interest reached its highest level on record since the year started, which could indicate that traders are positioning for a big surge in the price of this digital asset within the next few days.

This is also the closest that open interest figures have gotten to the $71 to the 2024 peak of $71.8 billion recorded on 17 December.

Meanwhile, a bit of a short-squeeze may have also contributed to propel the price of BTC this afternoon as data from the same crypto analytics firm indicate that $157.1 million short positions were liquidated in the past 24 hours – the majority of which (over 60%) – were flushed out of the system in the past 12 hours.

This Bullish Pattern Has Been Confirmed by Bitcoin’s Uptick Today

The price of Bitcoin has been on a downtrend since mid-December as it made three lower highs along the way. However, today’s break of the January 7 highs constitutes a clear signal that a trend reversal is unfolding.

Moreover, a pennant pattern has been formed as a result of Bitcoin’s post-election surge and this brief consolidation period. This pattern has high odds of delivering substantial gains in the mid-term that could come close to the size of the pennant’s pole.

A 53% increase in the price of BTC such as the one we saw between November 4 and December 16 would result in the price of this digital asset surging to $160,000 within the next few months.

This is of course not a recommendation to invest in BTC or buy at this level. However, it would not be the first time – the latest being this post-election rally – that Bitcoin delivered these kinds of gains in relatively short periods.

Meanwhile, this projection is actually conservative compared to the price targets that top-notch investment firms like Bernstein have issued for the year as they believe BTC will reach $200,000 by year-end or at least at some point during.

The list of drivers and catalysts that could propel BTC to those heights is extensive with a pro-crypto President like Trump taking over the reins of the United States.

Trump Could Issue Pro-Crypto Executive Orders as Soon as He Enters the White House

Rumors have been circulating throughout the day about what Trump’s first order of the day could be once he enters the Oval Office and sources close to the President-elect have said that he plans to issue a series of executive orders that could benefit the crypto sector from the get-go.

In addition, Coinglass also reports that nearly $1.38 billion flowed to Bitcoin spot exchange-traded funds (ETFs) between Wednesday and Thursday, possibly as December’s cooler-than-expected inflation report infused hopes that the Federal Reserve may increase the number or magnitude of this year’s interest rate cuts.

One of the executive orders that Trump is allegedly weighing involves the creation of a crypto council advisory board and a strategic reserve of cryptocurrencies – from which BTC will be reportedly excluded.

However, any of these developments would be considered bullish for the crypto market as a whole as the federal government would be giving a huge pad in the back to the industry by embracing digital assets.