After the beginning of the week, the Bitcoin price finally seems to stabilize and build a stubborn rush. On Friday, March 14, the flagship cryptocurrency showed this growing shoot because it constantly climbed the charts and briefly exceeded $ 85,000 to close the week.
Interestingly, BTC Open interest (OI) has also been in a similar direction as the price in the last few days. Along with the growing open interest, a burning question that requires a quick answer, sounds – does Bitcoin Bull run back on the track?
Open BTC interest will boost to $ 27.9 billion – what does that mean?
In the up-to-date post on the X platform, Kryptochant community analyst with the nickname Maartunn revealed that the interest in Bitcoins is growing. For the context, the open percentage indicator tracks the total amount of money poured into BTC derivatives at a given moment.
According to Cryptoquant data, Bitcoin Oi witnessed a significant boost on Friday, rising to $ 27.9 billion. Maartunn noticed that this significant movement meant over 13% SKOK (over $ 3.3 billion) from the latest lowest level of metric.
Source: @JA_Maartun
Usually, the boost in Bitcoin open interests suggests that investors are opening up-to-date positions on the time market and options. This means that investors pour money on BTC derivatives at this time. And vice versa, the falling value of OI indicates that traders of derivative instruments leave their positions or are liquidated on the market.
The growing open interest can be a vigorous stubborn sign for the most significant cryptocurrency – especially if historical priority is something that can go through. The influx of fresh capital to the market suggests an boost in the mood of investors (usually trust) or speculation about the trajectory of Bitcoin prices.
Because more and more investors are flooding the derivative instrument market and continues to bet on the BTC price, the growing open interest can even boost the volatility on the bitcoin market. Increased signals of variability that the flagship cryptocurrency may soon experience vast price movements.
What next for the price of bitcoins?
It seems that the price of BTC is preparing for a significant transition. Tony Severino, chartered market technician Shared at X The platform, which the market leader can launch up to around USD 95,000 in the next few days.
Source: @tonythebullBTC
The cryptographic expert noticed that this projection is based on the price of bitcoins recovering the 200-day movable average (MA). If the BTC price definitely closes above it has, it can run up to 50-day half of USD 90,000 around the region.
In this letter, the Bitcoin price is about USD 84,500, which reflects almost 5% boost in the last 24 hours.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
A distinguished picture created by Dall-E, chart from TradingView
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