BTC futures open interest has hit a record high of $32.6 billion. Bitcoin has shattered the critical $120,000 resistance level, surging to a height not seen since mid-August as a powerful wave of optimism sweeps through the market. On-chain analyst Skew has noted that even as open interest soars, a significant number of short positions are also piling up. The shutdown factor: a crisis becomes a catalystIronically, the political crisis in the United States may be a key catalyst for the market’s renewed optimism. “I believe we are now set to see a sustained rally above $120,000 in the coming weeks,” he added.