Close Menu
ADVERTISE

Bitcoin Futures Traders Return To Pump BTC – Will it Last?

Bitcoin By
Bitcoin Whales Awaken after 14 years
Bitcoin Whales Awaken after 14 years

The following are key points.

  • Crypto traders are returning to the market as spot and futures trading volumes rise.

  • Charts indicate that swing trader will be selling intra-day rally peaks.

The crypto market was volatile Tuesday, as Bitcoin prices (BTCEther, (ETHThe SOL (Solana’s SOL) succeeded in gaining a few hundred dollars. Solana’s SOLSOLThe price of, also tried to rise above $200 with a short rally. It reached $198. In Bitcoin’s instance, the breakout rallies are in line with BTC’s increasing open interest, and indicate that traders have returned to the market following the Oct. 10 crash, when $20 billion worth of futures were liquidated.

Evidence of Proof traders rejoining the market The data of CoinGlass, which shows Bitcoin Futures Open Interest rising from its October 11 Low at $28 Billion to above $32 Billion can be seen.

Bitcoin Futures Open Interest Source: CoinGlass

The chart provided by Hyblock’s analysts shows the move from $107,453 to $114,000 in line with Bitcoin’s four-hour open interest and volume delta becoming positive. This breakout rally coincided with an increase in BTC’s funding rate. It is likely that futures markets are driving this move. 

Bitcoin open interest delta and cumulative volume delta. Source: Hyblock

Analysts said traders would begin targeting the biggest liquidity zones as Bitcoin prices re-established themselves into a range after the sell-off. This dynamic was evident today, as BTC’s price consumed topside liquidity between $114,000 and $115,000, as shown by the price of BTC. 

BTC/USDT liquidation heatmap. Source: Hyblock

Related: Price predictions 10/20: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, HYPE

Rakesh Upadhyay, Cointelegraph’s technical analyst, said that the data shows traders becoming more confident about taking on risk. “sellers are expected to continue closing profitable positions at intra-day range highs,” Bulls, however, are not expected to be a common sight. defend the $107,000 support. 

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.