- Bitway climbed 105% in 24 hours after gaining 65% during the previous session.
- BTW’s open interest surged 154% to a record $106.63M as leveraged trading intensified.
- BTW price now faces trendline resistance near $0.1468 while RSI remains overbought at 74.
Bitway extended its two-day breakout after climbing 65% during the previous session and another 105% over the latest 24 hours. At press time, the BTW token reached a record of nearly $0.138 after rebounding from support between $0.040 and $0.050 earlier this week.
The advance came with $76.65 million in trading volume, although turnover declined about 5% during the same period. Open interest jumped more than 154% to a record $106.63 million, reflecting a rapid expansion in leveraged positions.
BTW Challenges Long-Term Resistance Near the $0.1468 Pivot
The rebound followed a decline exceeding 61% from the June 10 peak near $0.131. That sell-off began after Bitway touched a rising resistance trendline that has guided price action since its debut.
Following the latest surge, BTW has returned to the same barrier that triggered the previous reversal. However, the token had yet to confirm a breakout at press time, with the trendline sitting near the Murrey Math 6/8 “Strong Pivot Reverse” level around $0.1468.
Source: TradingView
A sustained move above that area would bring $0.1709, $0.1953, and approximately $0.2197 into view as the next technical levels. Without a breakout, the rally remains capped by the same structure that preceded the earlier decline.
In such a scenario, the nearest downside reference is the $0.0977 major support-and-resistance pivot. A deeper reversal would return attention to the $0.050-to-$0.040 support region that triggered the recovery.
Record Open Interest and Overbought RSI Raise Pullback Risk
Meanwhile, BTW’s relative strength index stood near 74, above the standard 70 overbought threshold. The reading does not confirm a reversal, but it shows that buying momentum has become stretched.
Record open interest also raises liquidation risks as more derivatives positions are exposed to rapid price movements. Falling volume alongside rising open interest indicates leverage played a larger role in the latest advance.
Source: CoinGlass
In the meantime, market analyst Crypto_Haris said more than 68% of retail traders were positioned short and warned against opening fresh bearish trades. He also acknowledged that tokens gaining 100% within one day can reverse sharply.
The rally, therefore, remains active above recovered support, but its continuation is unconfirmed. A trendline breakout would strengthen the structure, while rejection would keep $0.0977 and lower support in focus.
Related: Bitway Price Prediction: Can BTW Extend Its Rally Toward $0.13 After a 622% Surge?
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
