The current buying pressure in the Bitcoin contract market is close to the "8.19" level, and bulls are gathering again

BlockBeats news, on October 2, crypto analyst @AxelAdlerJr said that the current buying pressure indicator in the Bitcoin futures market rose to 4.9, reaching the highest level since August 19. Contract open interest increased by nearly 9,000 BTC in 24 hours, indicating that traders are once again starting to build positions.

The buying pressure indicator measures the balance of buying and selling in the market and weights the change in open interest. A reading of 4.9 means that accumulated stress over the past 12 hours was nearly five standard deviations above the average over the past week. This surge may be accompanied by the establishment of long positions and the unwinding of short positions.

@AxelAdlerJr believes that if the price of Bitcoin can still remain above $85,000 when the upward momentum weakens, it will indicate that this wave of gains is expected to continue. The main risk of opening a new long position is if the price falls below $83,000: closing the position could accelerate the decline.