Bitcoin is on the rise, with a price of $66,173 reached today. The asset has apparently achieved a significant milestone.
According to a CryptoQuant analyst, EgyHash, Bitcoin’s open interest—a measure of the total number of outstanding derivative contracts—has reached A new record high.
This indicates heightened activity on the Bitcoin market, and strong sentiments among traders.
The Details Of Open Interest ATH
EgyHash outlined the problem in an article on CryptoQuant QuickTake. significance of this new peak in Bitcoin’s open interest.
According to the analyst, “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 also emphasized this trend on the derivatives markets reflects an increasing influx of liquid and increased attention in cryptocurrency.
Bitcoin’s prices have also increased, despite the fact that Bitcoin’s interest in open markets has risen. upward movement. Bitcoin has increased in value by 5.1% over the last 24 hours. It is now trading at $65,655. This follows a short rally from $66,000.
Bitcoin’s market cap has also increased significantly, currently standing at $1.297 billion, up from only $1.175 billion last week.
Bitcoin trading volume also soared. It has doubled from $20 billion at the weekend to $40 billion now.
Bitcoin Price Outlook
Several analysts are weighing in on Bitcoin’s future. One of the most prominent analysts, Trader Tardigrade shared his bullish predictions. outlookThis shows that Bitcoin Stochastic is showing a break out.
Tardigrade says that this breakout follows the pattern of the last cycle. The analyst added: “The breakout point indicates the local bottom at the root of a MASSIVE Parabolic RALLY. “Send $BTC up to $500k.”
Breakout of $Bitcoin Stochastic
$BTC The pattern is the same as in the preceding cycle. This breakout indicates that the MASSIVE Parabolic RALLY is at its root.
Send $BTC You can earn up to $500kpic.twitter.com/LoJwlg2Fko
— Trader Tardigrade (@TATrader_Alan) October 14, 2024
While some analysts have a positive outlook, others are more cautious. urging caution. RektCaptal is another prominent figure within the cryptosphere. suggested Bitcoin must close the week above its downtrend channel in order to be considered a breakout.
The note was made by the author. “Bitcoin needs to Weekly Close above the black Downtrending Channel Top to finally break out from this Channel.”
Chart created by TradingView, DALL-E.
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Source: www.newsbtc.com
