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reaching its highest level since August 19.

Open interest increased by nearly 9,000 BTC within 24 hours, indicating that traders are once again beginning to build positions.

The buy pressure indicator measures the balance of buying and selling in the market and is weighted by the magnitude of changes in open interest.

A reading of 4.9 indicates that the pressure accumulated over the past 12 hours is nearly five standard deviations above the average level of the past week.

This surge may be accompanied by the establishment of long positions and the closing of short positions.

@AxelAdlerJr believes that if Bitcoin's price can remain above $85,000 when upward momentum weakens, it would indicate that this rally is likely to continue.

The main risk for newly opened long positions lies in the price falling below $83,000: liquidation could accelerate the decline.