As cryptocurrency prices have declined over the past month, Bitcoin's open interest has also fallen; some analysts believe this could lead to Bitcoin hitting a bottom and triggering a "new bullish trend."

The open interest in Bitcoin has seen the "steepest decline" of this cycle over the past 30 days, with a scale of about 1.3 million Bitcoins; at a Bitcoin trading price of $87,500, its current value is approximately $114 billion, according to analyst "Darkfost," who posted on CryptoQuant on Sunday.

In recent weeks, Bitcoin's price has continued to drop, "consistently triggering forced liquidations," forcing traders to double down or adjust their strategies. However, it now appears that investors are halting futures trading to "reduce risk exposure."

Darkfost noted that the last time Bitcoin's open interest fell so rapidly within 30 days was "during the bear market of 2022, highlighting the importance of the current cleanup."

Bitcoin has dropped 20% over the past month, and since peaking at over $126,000 in early October, it has fallen more than 30%.

Cryptocurrency analyst and MN Fund founder Michaël van de Poppe believes that the upcoming week will be "decisive" for Bitcoin's price and its chances of reaching a new high in the near future.

Van de Poppe stated in a post on X on Sunday that if Bitcoin can rebound and maintain a range between $90,000 and $96,000, "then the chances of recovering to a new ATH have significantly increased."

He said, "Fear and panic have reached their peak in the past few days. These are the best opportunities in the market."

Related: BlackRock's Bitcoin (BTC) clients have not "recognized" global payment use cases.

Original article: “Bitcoin (BTC) Open Interest Plummets, But a Bottom Could Form a 'New Bullish Trend'”

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