Bitcoin price is rising, reaching $66,173 today; The original appears to have reached prominence behind the scenes.
According to CryptoQuant analyst EgyHash, Bitcoin’s open interest — a measure of the total number of outstanding derivatives contracts — has risen. receipt New all-time high.
This development indicates increased activity in the Bitcoin market and indicates strong sentiment among traders.
ATH open interest details
In a post on the CryptoQuant QuickTake platform, EgyHash detailed the significance of this new peak in Bitcoin open interest.
“Bitcoin open interest has reached a new all-time high of $19.8 billion,” the analyst noted. “Additionally, funding rates are at their highest positive levels since August, suggesting that much of this open interest is skewed toward long positions.”
Notably, rising open interest and increasing funding rates indicate bullish expectations among traders, indicating their confidence in Bitcoin’s continued upward movement.
EgyHash also confirmed that this trend in the derivatives market reflects an increasing influx of liquidity and increased interest in cryptocurrencies.
While Bitcoin’s open interest is on the rise, the asset’s price has also seen significant upward movement. Over the past 24 hours, Bitcoin’s value rose 5.1%, trading at $65,655, after a brief rise to over $66,000.
This price increase has been accompanied by a significant rise in the total market value of Bitcoin, which currently stands at $1.297 trillion, compared to $1.175 trillion just last week.
Bitcoin trading volume has also been on the rise, doubling from less than $20 billion over the weekend to more than $40 billion today.
Bitcoin price forecast
Rising market activity and price gains have led many cryptocurrency analysts to ponder Bitcoin’s future path. One prominent analyst, Trader Tardigrade, shared his bullish forecast Expectationsrevealing a breakout in the Bitcoin stochastic indicator.
According to Tardigrade, this breakout has the same pattern as the previous cycle. The analyst added: “The breakout point marks the local bottom at the root of the massive parabolic rally. Send $BTC to $500k.”
$Bitcoin Stochastic Breakout
$ Bitcoin It has the same pattern as the previous cycle. The breakout point marks the local bottom at the root of the MASSIVE PARABOLIC RALLY. sends $ Bitcoin To 500 thousand dollars
pic.twitter.com/LoJwlg2Fko
— Slow Growth Trader (@TATrader_Alan) October 14, 2024
Despite optimistic forecasts from many traders, other analysts urge caution. RektCaptal, another well-known figure in the cryptocurrency space, Suggested Bitcoin needs to secure a weekly close above the current downtrend channel to confirm a sustained breakout.
“Bitcoin needs a weekly close above the top of the black downtrend channel to finally exit this channel,” he noted.
Featured image created with DALL-E, chart from TradingView
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