Bitcoin Open Interest Spikes; Where Will BTC Price Move?
Bitcoin News: Bitcoin (BTC), the world’s largest cryptocurrency extended its gaining run amid the emerging FUD in the market. Data depicts that open interest for BTC options and futures registered an all-time high (ATH) in March on the crypto exchange Deribit. However, Bitcoin price is up by over 25% in the last 30 days.
Bitcoin OI Hits ATH
As per a report, Open interest for Bitcoin options and futures jumped while the global market was trading under constant fear of erupting banking crisis. The open interest hit the ATH of 433,540 contracts on Deribit on March 23. It added that in the last 12 months, the open interest ranged average between 150K to 300K.
Traders are putting their bets on Bitcoin price surge ahead amid the increasing regulatory enforcement over crypto firms. Around 206,979 contracts on Deribit call for a BTC price surge, while, 93,857 set a bearish call. Read More Bitcoin News Here…
It added that crypto investors have a good reason to be bullish on the Bitcoin spot price. BTC price has reportedly surged by 69% in the year 2023, while it recently breached the much anticipated $28k price level.
Also Read: Bitcoin Correlation With Gold At Multi-Year High Surpassing US Equities
Bitcoin price is up by more than 3% in the last 7 days. BTC is trading at an average price of $28,021, at the press time. Its 24 hour trading volume is by 38% to stand at $19.3 billion.
The report added that Bitcoin futures on the CME exchange are trading higher than before. This indicates that investors are expecting price to surge ahead. Futures for April reportedly traded at $28,475. However, May’s contracts are trading at $28,645.
Michaël van de Poppe, a crypto analyst stated that Bitcoin performed a classic sweep. However, the trend seems to be upward as the market is in a vacuum of a relief rally. He added that BTC price might continue to $40k ahead.
Also Read: Binance CEO CZ Calls For Unity In Crypto Industry Amid FUD Over Rumors
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