To provide prospects of positive development in terms of price, the trendline needs to get broken.
On the other hand, if Bitcoin is to resume its bullish trend, bulls must soon break over the 100-day moving average and restore market confidence.
Bitcoin has reached the lower trendline of its declining mid-term channel, and it has been held by both the trendline and the $37K significant support level.
However, the open interest has not decreased significantly during the current downtrend, and it remains much higher than in March 2022, when Bitcoin was trading at these same prices.
Additionally, it is evident that the price has created multiple lows in the $37K zone, and the retail traders would consider this level as solid support.
If the price breaks below this area, a massive liquidation cascade and rapid price drop could be expected, especially with the current high open interest compared to the market cap.