In cryptocurrency trading, determining whether a round of upward momentum is nearing its end requires a comprehensive analysis of multiple factors. Among these, the change in open interest (OI) is an important indicator that cannot be overlooked.

Recently, when Bitcoin broke through the 120,000 US dollar mark, both longer and shorter positions in the market saw a significant increase. This phenomenon usually occurs at key price levels and is worth our close attention.

When analyzing market trends, it is crucial to identify price points where the trading volume increases rapidly. This price point can be regarded as the 'starting point' of the current market situation. If the price subsequently falls and breaks below this level, while the trading volume does not decrease significantly, it often means that the longer investors who entered at this price point may have become trapped.

In this case, the market is likely nearing the peak of this round of upward movement. Psychologically, the starting point represents the average cost line for longer investors. When the price falls below this level but the trading volume remains high, it indicates that longer investors are struggling to exit smoothly, and the market may face the risk of a downward reversal.

Combining price trends and changes in open interest to determine market turning points is an effective method for analyzing cryptocurrency markets. This analytical approach is not only suitable for short-term fluctuations but also holds significant reference value when assessing medium to long-term trends.

However, investors should also be aware that a single indicator cannot completely predict market trends. When making investment decisions, it is necessary to consider various factors such as the macroeconomic environment, industry policies, and technological developments to build a more comprehensive understanding of the market.