Bitcoin futures buying pressure rises to highest since August 19, open interest increases by nearly 9,000 BTC in 24 hours

Odaily reports that crypto analyst @AxelAdlerJr stated that the Bitcoin futures market buying pressure indicator has risen to 4.9, the highest since August 19; contract open interest increased by nearly 9,000 BTC within 24 hours. This indicator reading means that the accumulated buying pressure over the past 12 hours is nearly five standard deviations above the average level of the past week. @AxelAdlerJr stated that if Bitcoin's price remains above $85,000 when upward momentum weakens, the rally is likely to continue; if the price falls below $83,000, the closing of newly established long positions could accelerate the decline.