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Cryptocurrency News Articles
Bitcoin Futures Market Analysis: Increased Open Interest Points to Potential Bullish Phase
Oct 22, 2024 at 10:29 pm
Recent analysis suggests that the Bitcoin futures market may be heading into its second bullish phase. Data from CryptoQuant shows increased leverage in the BTC USDT futures market, which could be an indication of potential significant price movements.
Bitcoin (BTC) open interest reached a new high of $19.8 billion on October 15, indicating a strong demand for the world's largest cryptocurrency.
According to data from CryptoQuant, the total open interest on the derivatives exchange, Binance, reached 574,680 BTC. This level of open interest shows how much new money has entered the digital asset market in recent months.
The funding rate has also risen to its highest level since August, suggesting that most of those open positions are expecting further appreciation in the price of Bitcoin.
However, some market observers have expressed concerns that this increase in leverage could threaten the market with increased volatility.
A large number of Bitcoin futures contracts are cash-margined and not crypto-margined, meaning they are collateralised by US dollars or dollar-pegged stablecoins and not the cryptocurrency itself.
This could pose a problem if there is a sudden price swing, as it will pave the way for large-scale liquidations.
At the time of writing, the price of Bitcoin in the Bitrue futures market was $67,764, up 0.78%.
In the past 24 hours, Bitcoin hit its highest price in the futures market at $68,353.
A glance at an excerpt from the BTC price chart above shows that the RSI value is at 63, indicating a stronger trend to buy Bitcoin than to sell it.
However, this dominance is still within reasonable limits, not yet overbought.
The MACD line appears to be trending down, but the position of the line, which is still above the threshold, suggests that BTC is currently strong in its bullish possibility.
An increase in open interest could be a positive indication of Bitcoin's potential price increase.
However, it is important to remember that the crypto market is highly volatile, and factors such as changes in regulatory policies and technological developments can affect the price of Bitcoin.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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