Bitcoin Open Interest Hits Record $19.8 Billion—Is The $100K Rally About to Begin?
15 Oktober 2024 - 8:30AM
NEWSBTC
The Bitcoin price is rising, reaching as high as $66,173 today; the
asset appears to have hit a milestone behind the scenes. According
to a CryptoQuant analyst, EgyHash, Bitcoin’s open interest—a
measure of the total number of outstanding derivative contracts—has
reached a new all-time high. This development signals heightened
activity in the Bitcoin market and suggests strong sentiment among
traders. Related Reading: Bitcoin Reclaims $62k: Analysts Explain
Why The Bull Cycle Is Far From Over Detailing The Open Interest ATH
In a post on the CryptoQuant QuickTake platform, EgyHash detailed
the significance of this new peak in Bitcoin’s open interest. The
analyst noted, “Bitcoin’s open interest has reached a new all-time
high of $19.8 billion. Additionally, funding rates have hit their
highest positive levels since August, indicating that much of this
open interest is skewed toward long positions.” Notably, the rise
in open interest and increasing funding rates point to a bullish
outlook among traders, signaling their confidence in Bitcoin’s
continued upward movement. EgyHash further emphasized that this
trend in the derivatives market reflects a growing influx of
liquidity and increased attention in cryptocurrency. While
Bitcoin’s open interest has been climbing, the asset’s price has
also seen significant upward movement. Over the past 24 hours,
Bitcoin’s value increased by 5.1%, trading at $65,655, following a
brief rally to over $66,000. This price increase has been
accompanied by a notable rise in Bitcoin’s overall market
capitalization, which currently stands at $1.297 trillion, up from
$1.175 trillion just last week. Bitcoin’s trading volume has also
surged, doubling from below $20 billion over the weekend to over
$40 billion today. Bitcoin Price Outlook The rising market activity
and price gains have led several crypto analysts to weigh in on
Bitcoin’s future trajectory. One prominent analyst, Trader
Tardigrade, shared his bullish outlook, revealing that there has
been a breakout in Bitcoin Stochastic. Related Reading: Bitcoin’s
Next Move? Veteran Trader Predicts Possible 75% Crash—Here’s Why
According to Tardigrade, this breakout has the same pattern as the
previous cycle. The analyst added: “The breakout point indicates
the local bottom at the root of a MASSIVE Parabolic RALLY. Send
$BTC to $500k.” $Bitcoin Stochastic BREAKOUT 🔥$BTC has the same
pattern as the previous cycle. The breakout point indicates the
local bottom at the root of MASSIVE Parabolic RALLY. Send $BTC to
$500k 🚀 pic.twitter.com/LoJwlg2Fko — Trader Tardigrade
(@TATrader_Alan) October 14, 2024 Despite the optimistic outlook
from several traders, other analysts are urging caution.
RektCaptal, another well-known figure in the crypto space,
suggested that Bitcoin needs to secure a weekly close above its
current downtrend channel to confirm a sustained breakout. He
noted, “Bitcoin needs to Weekly Close above the black Downtrending
Channel Top to finally break out from this Channel.” Featured image
created with DALL-E, Chart from TradingView
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