PANews reported on October 3rd that according to CoinGlass data, the total open interest (OI) of Bitcoin futures contracts across the entire network hit a record high of $88.7 billion today. The Bitcoin price is currently consolidating around $120,000.

The record-breaking open interest indicates excessive leverage in the derivatives market, prompting trader BitBull to predict that Bitcoin and altcoins will experience a "massive leverage liquidation" in the next 1-2 weeks. He believes that liquidations will force some traders to sell, but after that, the market will rebound and reach new highs.

Other analysts have different views. Trader CrypNuevo believes the upside target is around $123,200. Meanwhile, trader Roman points to bearish divergences on the daily and weekly charts, warning of the risk of weakening momentum. CoinGlass data shows that current support liquidity is concentrated around $118,500.