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Over the past 60 days, Bitcoin (BTC) has found itself rocketing higher, rallying from a low of $6,400 to a local top of $10,500 in the span of two months.
Bitcoin’s Booming Open Interest May Set Stage for Surge
Over the past few years, as institutional traders and more serious players have entered the Bitcoin market, the demand for future derivatives for the cryptocurrency has exploded.
This was confirmed with a report from industry outlet The Block. They reported that as of February 13th, the aggregated amount of open interest on Bitcoin futures contracts surpassed $5 billion, with traders on BitMEX, OKEx, Bakkt, CME, and other key platforms throwing billions of dollars at the asset.
This is far above the approximately $4 billion in open interest seen in January of the $2.5 billion in December.
The massive eruption in the open interest seen in Bitcoin futures contracts could have an extremely positive effect on the underlying market.
Also, Crypto Bull noted that with the latest Bitcoin price action, the BTC price of the cryptocurrency has, for the first time ever, broken above a downtrend that has constrained prices since the $20,000 top seen in December 2017.
The fact that Bitcoin is now past this key resistance, the analyst who pointed it out wrote, is a sign that “short liquidations are coming” and a potential sign that the “biggest weekly green candle in Bitcoin’s history” is right on the horizon.
HOW MANY PEOPLE ACTUALLY HAVE AT LEAST 1 BITCOIN?
Find out all this, plus so much more in today’s show.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.