Justin Spitler, the chief trader of risk hedging at a major financial risk advisory company, be That bitcoin hasn’t bottomed out yet.
Earlier this Friday, the flagship cryptocurrency slid to an internal low of $114,518 before regaining the ground. However, it is currently trading near the day’s lowest price, at $115,692.
The major revision comes less than two weeks after the top cryptocurrency hit its current all-time high of $118,972 on July 14th.
Spitler believes the Bitcoin Bulls should be “a little more pain” in the short term.
Chartist hasn’t ruled out that Bitcoin could end up retesting the $113,000 level, but it hasn’t ruled out that the target could “a bit overshoot” on the downside.
Deep retracement is not on the card
At the same time, Spitler is sure that “deep retracement” won’t be on the cards in the near future, given how recent the breakout is.
Additionally, alternative cryptocurrencies show some strength during the latest revisions. This indicates that risk options are still available.
There was a similar point Recently made Placeholder partner Chris Bernice has claimed that the market is “not too scared” based on the altcoin’s rather impressive performance during the latest revision.
The ETH/BTC pair rose nearly 1% on Friday, with Chief Altcoin surpassing the $3,700 level earlier today.
Bitcoin Open Interest is a new hit
At the same time, Bitcoin’s open interest (OI), which represents the total number of derivative contracts issued, reached a record high of $44.5 billion. This could indicate that another important movement could occur soon given that it tends to be higher after such spikes in the OI. Volatility.
Bitcoin prices drop, and open interest hits new
“Public interest on Bitcoin reached an all-time high as prices fell and reached $44.5 billion. When interest opened up as prices fell, it means new trading positions are open.” – @arabxchain pic.twitter.com/vf9msv5uex
– cryptoquant.com (@cryptoquant_com) July 25, 2025
