Bitcoin [BTC] Futures Reach New Highs, Open Interest Hits a New All-Time High of $19.75B

Bitcoin [BTC] has again managed to cross the $65k resistance level after plummeting under that a few days ago. This recent price uptick must have stirred up bullish sentiment in the market.

Bitcoin [BTC] again managed to cross the $65k resistance level after dropping below it a few days ago. This recent price uptick might have instilled bullish sentiment in the market.

However, to everyone’s surprise, a key metric reached a multi-month high, further suggesting a massive rise in positive sentiment around the king coin.

BTC reaches new highs

BTC’s price action saw green over the last few days as its price increased by over 4% in the last seven days.

At the time of writing, the king coin was trading at $65,561.08 with a market capitalization of over $1.3 trillion.

The king coin’s trading volume also went up while its price surged, which usually acts as a foundation for a bull rally.

As all this happened, BTC’s Futures reached new highs. For starters, BTC’s Funding Rate touched a multi-year high.

When the Funding Rate rises, it means that more money is flowing into a network, which hints at a rise in bullish sentiment.

Apart from that, Ali, a popular crypto analyst, recently posted a tweet revealing yet another achievement in the futures space.

As per the tweet, BTC’s Open Interest across all exchanges just hit a new all-time high of $19.75 billion! A spike like this often signals big price moves ahead, with more capital on the line.

Hence, AMBCrypto decided to check the king coin’s on-chain data to find out whether this newfound interest in BTC would result in a continued price hike.

What’s next for BTC?

As per our analysis of Glassnode’s data, investors’ interest in BTC also reflected in accumulation. We observed that BTC’s accumulation trend score increased from 0.2 in late September to 0.6 in October.

For starters, the accumulation trend score is an indicator that reflects the relative size of entities that are actively accumulating coins on-chain in terms of their BTC holdings.

A number closer to 1 means that buying pressure is rising.

However, not everything was in Bitcoin’s favor.

AMBcrypto’s look at CryptoQuant’s data revealed that BTC’s net deposit on exchanges was high compared to the last seven-day average, suggesting that selling pressure increased in the last few days.

Whenever selling pressure rises, it hints at a price correction.