Bitcoin’s current pricing and analysis (BTC to USD)

After a huge breakout just minutes before the weekly candle closure, Bitcoin is on the verge of creating a new record high above $67,000 on Monday.

The world’s most valuable cryptocurrency is presently trading at $65,600, attempting to build a level of support above the previous all-time high of $65,000.

During the recent run to the upward, open interest increased by more than $2.6 billion, signaling a sign of optimism as traders take on greater leverage.

This has its own set of issues, since when open interest hits a particular level, the market is primed for a “long squeeze.”

When price action goes quickly to the downside, traders are forced to terminate leveraged long bets, resulting in a cascade of sell pressure.

Intriguingly, trading volume is lower than when Bitcoin first hit these levels in April, with $35 billion moved in the last 24 hours vs $88 billion at its high in April.

If Bitcoin can start to move up to $70,000 on convincing volume, the over-leveraged long positions will have a safety buffer, which might easily extend the move to the upside, though many traders will become cautious before taking a “risk-off” attitude.