Bitcoin Metrics Predict New Highs This Week

Takeaways from the conference:

• Bitcoin soared to a new record high of $109,000, as global money supply grew.

• BTC’s open interest increased by 10%, thanks to a stable funding rate and a high Coinbase Premium. This indicates heightened demand.

• Analysts are predicting a Bitcoin price of $137,000 based on multiple technical indicators.

BitcoinBTC(price) jumped Wednesday by 3.6%, reaching $109 730 for the very first time since 12 June. This recovery was fueled by the growth of global money supply, which reached a record high over $55 trillion. 

Bitcoin’s daily candle closing above $108 500 will confirm an engulfing bullish pattern. This increases the probability of new highs occurring sooner than later. 

Bitcoin open interest increases by over 10% in rally

Bitcoin’s recent rise to $109500, from $105,200, was highlighted by the sharp increase in derivatives activities, signaling renewed momentum. Open interest OI across major exchanges soared 10% or $3.2 Billion, signaling an influx in capital. This increase in OI was driven primarily by long positions which suggests that there is still more upside to come.

Even though prices and OI rose, the funding rates on perpetual futures markets remained unchanged. This shows a balance between short and long traders and, more importantly, the fact that this rally was not driven primarily by excessive leverage. Stable funding indicates that an uptrend is more likely to be sustainable from a bullish perspective.

The move was accompanied by a notable increase in the number of short positions, which topped $196 million. liquidated Within the past 12 hour. Bitcoin is likely to have accelerated its push through key resistance levels because of this cascade.

Bitcoins are a further validation of the strength on the buyer’s side. Coinbase Premium Index The price of Bitcoin remained high throughout. The price differential between Coinbase, and the other major exchanges is tracked by this metric. It indicates that institutional and retail US investors have been consistently buying spot Bitcoin. This adds weight to the bullish argument.

Related: Bitcoin price target ‘sits around $170K’ as global M2 supply reaches record high

A BTC high is imminent?

Bitcoin has decisively broken out of the recent sideways trading range. Analysts are now more confident than ever that an all-time record high will be reached soon. Traders claim Rekt CapitalA record close of $109,300 on Sunday would effectively move BTC out of its last major resistance zone. “unlocking” Price discovery is the key to new highs.

Jackis, an analyst who adds to this bullish narrative highlighted Bitcoin has recently experienced its lowest levels of volatility since 2023. This is a rare event that only happened seven times before in the history of Bitcoin. “Every time we’ve hit these levels, a major volatility spike followed within five weeks, often sooner,” Jackis’s comment suggests that a major move may be on the way.

Titan of Crypto, a technical analyst pointed A confirmed bullish MACD cross-over on the daily chart is a strong momentum indicator. Analyst added that BTC was attempting to break out of a bullish pattern. A successful push would likely trigger a “magnet effect” The $137,000 area.

Related: Bitcoin squeezes shorts in $108K spike as US jobs drop most in 2 years

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.