Bitcoin Price Holds Steady Amid Bearish Sentiment and Rising Open Interest

Bitcoin's price held steady in recent days despite bearish sentiment from analysts.

Around late July, spot Bitcoin saw positive ETF-related inflows, with some analysts citing these flows, gold prices, and yields when projecting near-term price paths for the cryptocurrency.

One target mentioned was a potential move toward $70,000 to $75,000. However, this optimism was met with caution as Binance's open interest in Bitcoin rose to around $8.15 billion, signaling long liquidation.

In addition, Cointelegraph reported that market sentiment was bearish for Bitcoin vs US Dollar (Spot CFD BTCUSD), but analysts warned of a potential downside move to $40,000 while also flagging higher-probability upside scenarios.