Bitcoin Futures Traders Return To Pump BTC: How long will it last?

The following are key points.

• The crypto market is gaining momentum as traders return to the spot and futures markets.

• Swing traders may sell intra-day rally peaks, according to charts.

The crypto market was volatile Tuesday, as Bitcoin prices (BTCEther, (ETH() made a short push up to $4.110. 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.

Proof of Purchase 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.

Analysts at Hyblock provided a chart that showed the rise to $114,000, from $107,453. This coincided with Bitcoin’s 4-hour-anchored open interest turning positive and its cumulative volume delta. This breakout rally coincided with an increase in BTC’s funding rate. It is likely that this was a futures-driven move. 

As Bitcoin’s price settles into its post-selloff range, analysts say traders will start to focus on the zones with the most liquidity. Today, BTC prices were absorbing topside liquid in the range of $114,000-$115,000. 

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.